Razorpay raises $100 mn, to hire 500 employees

Financial solutions company Razorpay has raised $100 million in its Series D round of funding — co-led by GIC of Singapore and Sequoia India, along with participation from Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners.
Razorpay foundersRazorpay raised $206.5 million in investments since its inception in 2014. Recently, it raised $75 million in Series C in 2019.

Harshil Mathur, CEO and co-founder of Razorpay, said the company plans to use the funding to strengthen and accelerate its two new products. It will strengthen RazorpayX, a neo-banking platform, and Razorpay Capital. It will also invest in new initiatives to empower SMEs.

Razorpay will also funds for hiring additional 500 employees.

The financial technology company expects RazorpayX and Razorpay Capital will contribute to 35 percent of its revenue, with a 100 percent increase in the company’s count of partner businesses, by FY21.

Razorpay is founded by IIT Roorkee alumni Shashank Kumar and Mathur.

Around 33 angel investors have invested in Razorpay’s mission to simplify payments and banking and redefine how finance works in India.