Indian digital payments platform Razorpay has joined the elite unicorn club in 2020, becoming the sixth Indian startup to achieve a valuation of over a billion dollars. This milestone comes as Razorpay concludes its latest funding round, securing $100 million led by Singapore’s GIC and its existing investor Sequoia India.
Funding Round Details
In addition to GIC and Sequoia India, Razorpay’s funding round saw participation from its other existing investors, including Ribbit Capital, Matrix Partners, Tiger Global, and Y Combinator. The substantial investment reflects confidence in Razorpay’s growth trajectory and potential.
Journey and Achievements
Founded in 2014 by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay has established itself as a prominent player in the Indian payments ecosystem. With a diverse clientele including Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony, and Oyo, Razorpay has demonstrated its value proposition and reliability in the market.
Expansion and Innovation
Razorpay has been proactive in expanding its offerings to cater to evolving market needs. Recent launches such as the neo-banking platform, RazorpayX, Cash Advance – a credit line for small businesses in India, and the acquisition of Opfin, a payroll management software company, underscore its commitment to innovation and customer-centric solutions.
Recognition and Growth
Razorpay’s inclusion in CB Insights’ list of the world’s most promising fintech companies further solidifies its position as a key player in the industry. CEO Harshil Mathur highlighted Razorpay’s exponential growth trajectory, emphasizing the company’s evolution from a small team with a singular focus to a powerhouse with significant impact on partner businesses and consumers alike.
Future Outlook
With a reported 35% monthly growth rate, Razorpay is poised for further expansion. The company aims to onboard 1.5 million partner businesses by the end of the year, anticipating a fourfold increase in revenue. As Razorpay continues to innovate and scale its operations, it remains a formidable force in India’s digital payments landscape.
