Razorpay achieves unicorn status after its Series D round

By Edil Corneille

Indian FinTech company Razorpay has secured $100 million in its Series D financing round, making it the newest unicorn in the country. The FinTech’s latest partner is GIC, Singapore’s sovereign wealth fund. Along with GIC, the round was co-led by Sequoia with participation from Razorpay’s existing investors Ribbit Capital, Tiger Global, Y-Combinator and Matrix Partners.

With COVID-19 causing a potential paradigm shift in the way commerce happens in the country, the company mentioned that it is seeing multiple new demographics of businesses looking to move online and start leveraging the internet and mobile technology.

Razorpay provides businesses with the flexible ability to accept payments across multiple channels – online, links, self-hosted pages, third party branded stores, or through a QR code. The Bangalore-based company serves international brands including the likes of Facebook, Google and Wikipedia; national enterprises like Jio, Zerodha and Hotstar; recent upstarts like Khatabook, OkCredit and Meesho, along with a multitude of SMEs and freelancers.

Razorpay has built India’s advanced payments infrastructure connecting consumers with businesses irrespective of any payment instrument (100+ at last count). Its growing portfolio of payment products built on the top of payments infrastructure – Payment Links, Subscription, Invoices, Payment Pages, etc., are said to have been a critical partner in the financial journey of millions of businesses.

Razorpay’s latest payments product – Payment Button, is also said to be the company’s fastest-growing product in the history of the organisation. Currently, 2 out of 3 businesses onboarding on Razorpay are accepting digital payments for the first time, as mentioned by the company. The FinTech’s neo-banking platform, RazorpayX, has served over 10,000 businesses – processing their payroll through Opfin, paying for expenses through Corporate Card and paying their vendors in real time, disbursing billions of dollars through the underlying payouts layer.

In a bid to help MSMEs and improve their cash flows, the FinTech recently launched a credit-line product, Cash Advance. And in the past six months, the company has extended a line to more than 5,000 businesses through its financial partners. All the underwriting has been done with the cashflow data that businesses generate on Razorpay’s platform.