India's Fintech Unicorn Razorpay escalates $160M at $3B valuation

Razorpay, one of the Fintech major, claimed that it has raised 160 million at a valuation of 3 billion in Series E funding. The round was led by prevailing investors GIC, Singapore’s sovereign wealth fund, and Sequoia India, along with involvement from Ribbit Capital and Matrix Partners. The Bengaluru-based company's latest funding comes in less than six months after it accomplished the unicorn status.

The company states it plans to pervade the freshly raised capital to scale up its Business Banking suite, invest in new acquisitions, and launch in international markets such as South-East Asian countries. The fintech unicorn is already hiring more than 600 employees to fuel its growth plans.

“We at Razorpay want to be the one-stop financial platform that a business needs to simplify and manage their end-to-end money movement. We have made some strides towards that journey, our recent initiatives in the Banking and Lending space through RazorpayX and Capital have helped businesses solve some very unique challenges around managing money, empowering businesses to grow up to 10X in an economically challenging year." Said Harshil Mathur, CEO, and Co-founder of Razorpay.

He adds, "There’s more work to be done. We believe there’s a dire need to develop new banking technologies that meet the rising demand. And 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. The team has been geared to make an impactful contribution to the industry and aid adoption in underserved markets. The company, he said, will be focussed on investing in building new-age business banking solutions and unlocking growth for SMBs.”