Indian fintech firm Razorpay hits unicorn status with $100m series D round

The series D funding round was co-led by Singapore’s sovereign wealth fund GIC and Sequoia India, along with existing investors Ribbit Capital, Tiger Global, Y Combinator, and Matrix Partners.

The latest investment, which brings Razorpay’s total capital raised to date to US$206.5 million, values the startup at “a little more than US$1 billion,” the report said, citing co-founder and CEO Harshil Mathur. It comes as the company secured US$75 million in a series C round co-led by Ribbit Capital and Sequoia India in June last year.

Founded in 2014, Razorpay accepts and disburses payment online for small businesses and enterprises, provides loans to firms, and runs a neo-banking platform to issue corporate credit cards, among others.

The startup foresees that its two products, RazorpayX and Razorpay Capital, will contribute about 35% of its revenue by the end of March next year. With the funds, the company plans to add new features, including vendor payment and expense and tax management to its neo-banking offerings.

With nearly 10 million customers, Razorpay expects to process about US$25 billion in transactions and aims to work with over 50 million businesses by 2025. It may also acquire a few firms to develop its neo-banking business.