Sequoia, Ribbit Capital among backers for $75m Razorpay Series C

Indian online payments startup Razorpay has picked up a $75m Series C investment round from investors including Ribbit Capital and Sequoia Capital.

The Series C round, which was led by fintech investment specialist Ribbit, also featured backing from Tiger Global and the Y Combinator Continuity Fund.

Financial details of the deal were not disclosed, although an Economic Times report on the deal suggested an enterprise value of about $450m.

The Bengaluru-based B2B payments business will use the new capital to extend its banking platform Razorpay X and lending operation Razorpay Credit.

Razorpay enables businesses to add payment systems to their websites, create and send invoices and  share payments via a link in communication platforms.

The company’s latest investment round comes about 18 months after it closed a $20m Series B financing led by Tiger Global and Y Combinator.

Matrix Partners also took part in the funding round, with all three firms having previously invested in the company.

Founded in 2014, the company provides businesses with technology to allow online payment acceptance. Through the solution, clients are able to access over 100 payment modes, in a complaint and secure platform which is easily integrated.

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