Payments solution company, Razorpay has raised $75 million in a Series C funding round, led by venture capital investors Ribbit Capital and Sequoia Capital India, and others like Tiger Global and Y Combinator.
The company plans to use the funding to expand its neo-banking and lending products – Razorpay X and Razorpay Capital. They also plan to increase the employee count to 700 and increase merchant count to 450,000 by 2020.
So far, Razorpay has raised a total of $31.5 million in Series A (2016) and Series B (2018) rounds, along with 33 angel investors and a strategic investment by MasterCard.
“We started off with a purpose to solve the payment problems that the underserved markets like the MSMEs faced. Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems,” said Harshil Mathur, chief executive and co-founder, Razorpay.
Sequoia Capital has been investing in the payments space for a long time.
Razorpay said that it grew 500% in the last one year. It currently powers digital payments for businesses like IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra and Zerodha, among others.