Razorpay raises $160 million in Series E, bringing valuation to $3 Billion

By Leandra Monteiro

Razorpay announced today that it has raised $160M in a round led by Sequoia India and GIC with participation from Ribbit Capital & Matrix Partners India at a $3B valuation. CEO Harshil Mathur stated that the funds raised by Razorpay will be used to take its digital finance offerings to the South East Asian market, make acquisitions and build a neo-banking platform. The company also plans to increase its workforce.

Razorpay co-founder and CEO Harshil Mathur said in blog, “Our journey today has a new milestone, and I am delighted to share with you that we have raised a funding of $160 Million in our Series E funding round. The funding round is being co-led by GIC, Sequoia along with Ribbit Capital and Matrix Partners. This funding round takes us to a valuation of $3 Billion dollars.”

He added, “As a company, we started out with the objective of making online payments accessible to all companies whether big and small. More than 6 years back, this was a steep mountain to climb, but our journey and the journey of our customers have been a testament to the impact that we have been able to create.”

The Bengaluru-based FinTech company is a payment service provider that enables businesses automate collections through its gateway service, while also helping small businesses manage money flow. Some of its clients are food delivery platforms Swiggy and Zomato, as well as Facebook, Cred, ICICI Prudential and Ola. Additionally, Razorpay said it provides payment solutions to more than five million small merchants. Also, Razorpay X, its neo-banking platform, enables merchants to run current accounts and access credit from partner banks. It claims to process loans worth INR 7-8 billion every month.

The FinTech company has previously raised $206.5 million in four investment rounds since its commencement in 2014. It received $75 million in series C funding in 2019 led by Ribbit Capital and Tiger Global.