Bangalorebased razorpay 160m series sequoia capital
Bangalorebased razorpay 160m series sequoia capital has raised $160 million in a Series E funding round led by Sequoia Capital. The payment processing company plans to use the funds to expand its product offerings and grow its team.
Body:
Razorpay was founded in 2014 and has quickly become one of the leading payment processing companies in India. The company offers a range of services, including payment gateway, recurring payments, and invoicing. Razorpay has over 5 million businesses on its platform and processes over $25 billion in payments annually. The latest funding round was led by Sequoia Capital, with participation from existing investors such as GIC, Ribbit Capital, and Matrix Partners.
The funds will be used to expand Razorpay’s product offerings, including its lending platform, Razorpay Capital. The company also plans to hire more employees and expand its operations globally. Razorpay’s co-founder and CEO, Harshil Mathur, said in a statement, “We are thrilled to have Sequoia Capital lead this round as we accelerate our journey to become the financial fabric for millions of businesses across India and the world.
This investment is a testament to our focus on building a sustainable business that has scaled multifold over the last year while keeping our merchant partners at the forefront.” The COVID-19 pandemic has accelerated the shift towards digital payments in India, with more businesses and consumers adopting online payment methods. Razorpay has been at the forefront of this trend, offering a range of services that make it easier for businesses to accept payments online.
Conclusion:
Razorpay’s latest funding round is a testament to the company’s success in the Indian payment processing market. With the funds raised, Razorpay plans to expand its product offerings and grow its team, positioning itself as a leader in the digital payments space. As more businesses and consumers adopt online payment methods, Razorpay is well-positioned to capitalize on this trend and continue its rapid growth.
