Our Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook. Payment gateway Razorpay has raised $9 million in a series A round of funding led by Tiger Global and participation from Matrix Partners. The company also announced an earlier round of seed funding of $2.5 million which includes 33 investors. The seed fund investors includes Matrix Partners, Y Combinator, Kunal Bahl & Rohit Bansal (Snapdeal founders), Punit Soni (Flipkart CPO), Amit Gupta & Naveen Tewari (Inmobi founders), Kunal Shah & Sandeep Tandon (Freecharge founders). Backed by Silicon Valley incubator Y Combinator, Razorpay was founded in 2014 by Harshil Mathur and Shashank Kumar. The company claims to have over 1,800 customers which includes startups such as RoadRunnr, Lookup, Gozefo, Innerchef, Teen Patti Gold, LocalOye, UrbanPiper, Instafeez, Neostencil, and Chai Point. Razorpay accepts and validates Internet payments via credit/debit cards, net banking and popular digital wallets from the end customers in real-time. It also provides a secure link between merchant website, various issuing institutions, acquiring banks and other payment networks. The company says that it targets startups, small businesses and SMEs and added that they can setup online payments through their SDKs in 20 minutes. Razorpay charges 2.5% per successful transaction for its free account, and 2% per successful transaction for its business account which costs Rs 5000 per year. Competition - Earlier this month, Citrus Payment Solutions raised an undisclosed amount Series C funding and acqui-hired the payments startup Zwitch for…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...