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Razorpay raises US$100 million funding from existing investors, GIC

Razorpay has raised US$100 million in Series D funding from existing investors and Singaporean sovereign fund GIC. The company announced the investment in a blog post on Monday. Razorpay is a payment gateway company that also operates RazorpayX, a banking product suite for automating finance-related aspects of businesses. Entrackr had reported in September that the company was in talks for getting up to US$150 million in funding. "The funding also comes with a major milestone of Razorpay becoming the newest unicorn in India," Razorpay said in its blog post. Jio, Hotstar, Wikipedia, Facebook and Google have been Razorpay clients according to the company. "Along with GIC, the round has been co-led by Sequoia with participation from our existing investors Ribbit Capital, Tiger Global, Y-Combinator and Matrix Partners," the company said. Razorpay said that GIC has investments in Bajaj Finance and Bandhan Bank/. The fund also recently announced a ₹5,512.5 crore (~US$750 million) investment into Reliance Retail. Razorpay co-founder Shashank Kumar said that the next focus for Razorpay would be in expanding RazorpayX, which they said has "served" over 10,000 merchants already. Razorpay received Series C funding of US$75 million in 2019, Series B funding of US$20 million in 2018, and US$11.5 million in seed funding and Series A funding in 2015. In September, Razorpay launched Cash Advance, a loan product for Small and Medium Enterprises (SMEs). Also read Razorpay brings UPI integration to IRCTC website and app (2018) UPI transaction volume and amounts grow 2x YoY in September 2020

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