Bangalore-based Indian startup Razorpay has raised $100 million in a new financing round, unequivocally making it the part of the coveted unicorn club. The said financing round was led by GIC and Sequoia India.
Razorpay’s total raise is now at $206.5 million since existing investors Tiger Global, Matrix Partners, Ribbit Capital, and Y Combinator also participated in the financial round. After trying its hand in processing and disbursing money for small businesses, it’s now also a neo-banking platform that issues various products, including credit cards.
“Razorpay has established itself as a clear leader, with its strong focus on customer experience and product innovation. GIC has a long track record of partnering with leading fintech companies globally and is delighted to partner with Razorpay in its journey to transform payments and banking,” said Choo Yong Cheen, Chief Investment Officer for Private Equity at GIC.
Facebook, Oyo, Cred, Flipkart, Zomato, Swiggy, Byju’s, Airtel, Goibibo, etc. are some of Razorpay’s well-known clients. Harshil Mathur, CEO and co-founder of the payments solution firm has credited some of its growth to the COVID-19 pandemic, which according to him “has accelerated the digital adoption among many businesses.”
Mathur also said that Razorpay is expecting to process $25 billion transactions, which is five times more than the last time. It is also eyeing to acquire some firms in the neo-banking category.
Other firms joining the unicorn club are Pine Labs and Unacademy, who benefitted from the pandemic.