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Deepti Sri · · 1 min readSources: Indian fintech firm Razorpay in talks to raise up to $200m from GIC, others
“Fintech startup Razorpay is in talks with its existing investor Singapore’s sovereign investment fund GIC and others to raise US$150 million to US$200 million in a financing round that could see its valuation nearly double to US$2 billion in less than six months,” reported The Economic Times, citing three people familiar with the matter.
Details:
- Razorpay’s existing investors Tiger Global and Sequoia Capital will likely participate in the financing round.
- The fresh funding may be used for the expansion of its payments platform. It will also focus on developing its technology in fraud analytics and other security features.
Context:
- In October 2020, the fintech company joined the unicorn squad after raising US$100 million in a new round co-led by GIC and Sequoia India.
- The fundraising comes after digital transactions in India skyrocketed as a result of the pandemic, triggering a shift in consumer patterns toward online payments.
Editing by Collin Furtado and Jaclyn Tiu
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