Payments and business banking startup Razorpay raised $160 million on Monday in a fresh fundraising round that valued the company at $3 billion.
This financing round has tripled the company’s valuation in less than six months as it was valued at $1 billion in October 2020 when it entered the Unicorn club for the first time.
According to a press statement, this round was co-led by Sequoia Capital and GIC, Singapore’s sovereign wealth fund, along with participation from Ribbit Capital and Matrix Partners.
Razorpay plans to infuse the freshly raised capital to scale up its Business Banking investment, invest in new acquisitions and launch in International markets such as South-East Asian countries. The Fintech Unicorn said it is already hiring more than 600 employees to fuel its growth plans.
Razorpay helps small businesses and large enterprises modernise their financial infrastructure by providing intelligent automated payment and business banking solutions to manage their money flow end-to-end.
The new funding gives Razorpay a total of $366.5 million in investments since its inception in 2014. THe startup had raised $100 million in 2020.
Harshil Mathur, CEO and co-founder of Razorpay, said, “We want to be the one-stop financial platform that a business needs to simplify and manage their end-to-end money movement. We believe there’s a dire need to develop new banking technologies that meet the rising demand. The company’s neo-banking platform, RazorpayX is changing the business of banking rapidly and intelligently, powering over 15,000 Indian businesses to manage their money. The neobank saw 400% growth in transaction volume in the last 12 months of Covid,” he added.