Indian FinTech Razorpay, which provides online payment solutions for merchants, schools, e-commerce and other companies, has raised $375m in Series F funding, more than doubling its valuation to $7.5bn.
The funding round was led by Lone Pine Capital LLC, Alkeon Capital Management & TCV along with Tiger Global Management, Sequoia Capital India, GIC and Y Combinator.
Launched in 2014, Razorpay said it is on a mission to enhance the payment experience of over 300 million end consumers, enabling Indian businesses to accept payments digitally with minimal effort and maximum ease.
The Razorpay Product Suite today comprises verticals, along with Payment Gateway, like Payment Links, Payment Pages, Subscriptions, Smart Collect, Route, Razorpay Capital, RazorpayX, Payroll and Thirdwatch.
RazorPay previously secured $160m in its Series E round in April 2021, which came just six months after it had raised $100m in its Series D. Investors to the Series E included Sequoia India, GIC Pte, Ribbit Capital and Matrix Partners. The company then reportedly collected further capital from Salesforce Ventures a few months later.
According to a report from TechCrunch, Razorpay is also gearing up to become IPO-ready. However, co-founder Mathur Kumar said that the startup won’t be exploring the public markets for at least two and a half years.
In a statement, Deepak Ravichandran, general partner at Alkeon Capital, said, “As the leading online payments player in the rapidly accelerating Indian digital payments market, Razorpay has continued to innovate and blaze new trails.”
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