Razorpay, Digital payments and business banking platform said it has raised $375 million in its Series F round of funding at a valuation of $7.5 billion. It is also more than double of its previous valuation of $3 billion that it achieved in only April this year.

The round, led by Lone Pine Capital, Alkeon Capital and TCV also saw participation from US-based Growth Investor, and other existing investors such as Tiger Global, Sequoia Capital India, GIC and Y Combinator. Hence it will also make Razorpay one the most valued fintechs in India, only behind Paytm, which is now listed on the public markets.

In an interview with Moneycontrol, Razorpay founder and CEO Harshil Mathur said the company will use the funds to scale up its neo banking arm RazorpayX and will also look at acquisitions.

“If there are companies that we can plug into our financial services ecosystem we will look at those. Business-to-business (B2B) SaaS (software as a service) is an area that is interesting, because those are the tools that we can plug into our offerings,” said Mathur.

The $375-million round brings the total amount of funds raised by the company to $741.5 million. While Razorpay raised $160 million in April at a valuation of $ 3 Billion, it raised $100 million in October 2020 at a valuation of $1 Billion, entering the unicorn club.

After the company’s Series E round, Mathur had said that the funds will be used for international expansion in South East Asian markets and the expansion plans are still underway and Razorpay has not used any of the funds from the previous round, added Mathur.

“Our burn rate is very low. We want to take the company public someday and we know the things that the market will look at. So, we have to build the company with that DNA,” he explained.

So, Razorpay is aiming to expand to two markets in the first half of 2022 and the Bengaluru-based startup is still working on which markets it will begin with but growth markets such as Indonesia, Malaysia, Philippines, Vietnam etc. are on the radar, according to Mathur.

The company recently crossed $60 billion in Total Payment Volumes (TPV) and is aiming for $90 billion in 2022 and is aiming to grow the number of online merchants to 10 million by 2022 from the current 8 million.

In the Indian payments gateway landscape, Razorpay competes with the likes of PayU, BillDesk and Paytm, among others. The startup will also see competition heating up as Irish-American payments infrastructure provider. However, according to Mathur, Razorpay is the largest payments service provider when it comes to internet companies in India.