cxo voice
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
Leaders Talk and Latest Tech News | CXO VOICE
No Result
View All Result
Home News Business

Indian Fintech Razorpay Raises $160M at $3B valuation, plans to accelerate growth

Deepa Sharma by Deepa Sharma
April 19, 2021
Reading Time: 2 mins read
Razorpay Fund raise

Razorpay

Share on FacebookShare on Twitter

On Monday, payment service provider Razorpay announced it has raised $160M driven by Sequoia Capital and GIC at valuation of $3B. Razorpay became a unicorn in October last year has tripled its valuation just within the 6 months.

Razorpay said that it prepares to infuse fresh funds capital to accelerate its business banking suite, invest in new acquisitions and go international in South East Asian countries.

“We believe there’s a dire need to develop new banking technologies that meet the rising demand. So we plan to use these funds to further expand our banking and lending product suite so that we not only provide a better experience to businesses and their customers but significantly contribute to the growth of our partner businesses,” explained Harshil Mathur, CEO and Co-founder of Razorpay.

The firm Razorpay is looking for more than 600 employees to accelerate its growth plans. The fresh round was co-driven by Sequoia Capital and GIC, Singapore’s sovereign wealth fund, along with participation from Ribbit Capital and Matrix Partners.

Razorpay, with its services, is helping SMBs and large-scale enterprises advance their financial system by giving them intelligent automated payment and business banking solutions to control their money flow end-to-end.

Razorpay’s neo-banking system, RazorpayX, is strengthening more than 15,000 businesses to control their money.
In the last 1 year, the neobank witnessed 400% growth in transaction volume, and over the previous six months, Razorpay has seen a 40%-45% growth month-on-month basis.

ADVERTISEMENT

Razorpay said it has been disbursing credit of upwards of Rs 700 crore per month, serving businesspeople get way to working capital, and now prepares to scale this up to Rs 1,000 crore per month by the end of 2021.

“In the next 12 months, Razorpay will look to introduce more such products through strategic partnerships and acquisitions which fit into our vision of making financial infrastructure easy and available to businesses across the country,” said Shashank Kumar, Co-Founder & CTO, Razorpay.

“We expect digital payments to become a $500 billion market over the next 4-5 years. The Razorpay team, with their constant focus on execution excellence, has grabbed early leadership in this space,” added Ishaan Mittal, Principal, Sequoia India.

Also Read: Flipkart to acquire travel tech firm Cleartrip

Deepa Sharma

Deepa Sharma

Senior Writer and Editor at CXO VOICE, She covers technology, cybersecurity, and financial and other tech news and updates. She can be reached at "deepa@cxovoice.com"

Related Posts

Razorpay Fund raise
News

RazorpayX launches forex service for startups

January 30, 2023
Pine Labs
Business

Pine Labs acquires consumer fintech startup Fave for $45M

April 13, 2021
How innovation in Fintech is changing personal finance
Finance

How innovation in Fintech is changing personal finance

April 9, 2021
Key Fintech Trends to look out for in 2021
Finance

Key Fintech Trends to look out for in 2021

January 8, 2021
fintech startups india 2019
Finance

List of 10 Best Indian Fintech Startups In 2019

December 30, 2019
Ways to Fund your Startup Idea
Entrepreneur

5 Ways to Fund your Startup Idea

September 11, 2018
Load More
Leave Comment
ADVERTISEMENT

Expert Views

Credentials database theft, reused passwords dangerous entryway
Cyber Security

Can SASE be used as your initial defense against ransomware?

September 12, 2023
Smart Cities challenges and security
Cyber Security

Do our abilities match the ambitions of Smart Cities?

August 23, 2023
Why 5G Network Uptime is Essential for a Digitally Interconnected Society
Opinion

Why 5G Network Uptime is Essential for a Digitally Interconnected Society

July 18, 2023
Responding to cyberbullying with cyber confidence and resilience
Cyber Security

Responding to cyberbullying with cyber confidence and resilience

July 17, 2023
Five Ways All-Flash Data Centers Can Drive Sustainability Goals 
Opinion

Five Ways All-Flash Data Centers Can Drive Sustainability Goals 

July 7, 2023

Latest Updates

Airkit.ai

Salesforce to acquire Airkit.ai to boost AI capabilities

by IANS
1 day ago

Working in a post-pandemic world: What is the new normal?

25 million employees now returning to offices globally in the hybrid work era

by News Desk
1 day ago

Image Credit: Pixabay

IT spending in MENA region to reach $183.8 billion in 2024: Gartner

by News Desk
1 day ago

Samsung Huawei

Samsung, Huawei to drive mass adoption of foldable smartphones next year

by IANS
2 days ago

GenAI

GenAI to generate economic value worth $2.6-$4.4 trillion annually: Report

by IANS
3 days ago

SK hynix

US to ensure S. Korean chipmakers’ smooth operation regarding China curbs

by IANS
3 days ago

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

NewgenOne
Leaders Talk

NewgenONE bridges the gap between business users and IT teams with its low code capability: Varun Goswami

-
Interview with Prasanna Arikala, CTO, Kore.ai on AI chatbots
AI

Can AI chatbots enhance customer experience and reduce the cost of serving customers?

-
Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain
Cyber Security

Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain

-
Axis Bank's Cloud-driven digital banking solutions
Banking

Axis Bank doubles down on cloud based digital banking solutions

-

Entrepreneur

Samsung Electronics appoints its first female president

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

We bring business leaders' opinions and unique ideas on what’s happening in the market and its impact. Also, get the daily news, analysis, and insights.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

contact@cxovoice.com
  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2023 CXO VOICE

No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion

© 2023 CXO VOICE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/