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Business EconomyPosted at: Jun 18 2019 12:54PM


Razorpay raises USD75 Mn with Series-C Funding, Co-led by Sequoia India & Ribbit Capital

Mumbai, Jun 18(UNI) Converged payments solution company, Razorpay, on Tuesday announced its Series C funding of USD75 million, led by two of the largest venture capital firms, Sequoia India and Ribbit Capital,
along with participation from Tiger Global and Y Combinator.
The company has raised a total of USD 31.5 million in Series A (2016) and Series B (2018) rounds, along with 33 angel investors and a strategic investment by MasterCard, a release said.

With a commitment to democratise digital payments and solve for challenges around money movement, Razorpay aspires to use a significant share of these funds to develop new technologies and
scale up its recently expanded product suite, Razorpay X and Razorpay Capital. The company expects its neo-banking platform (Razorpay X) and lending arm (Razorpay Capital), along with the non-payment gateway suite to contribute to 40 pc of its revenue by next year.
Razorpay also plans to use these funds to double its headcount to 700 by 2020 and hire senior members to lead different product verticals.
Delighted about reaching yet another milestone, Harshil Mathur, CEO and Co-Founder, Razorpay said, ''The last four and a half years have been an exciting adventure for the Razorpay family. It feels great
to know that we’ve been on the right track and have been able to create value and impact for our businesses. 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.
Today, over 350,000 disruptors are partnered with us to create the difference that we are here to make. This funding has come in at a time when fintech and banking is evolving beyond payments and
lending and we would like to change the way businesses access banking products.''
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Tags: #Razorpay raises USD75 Mn with Series-C Funding# Co-led by Sequoia India & Ribbit Capital
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