Razorpay has raised $160 million as part of its Series E fundraising round, which pegged the value of the payments giant at $3 billion. The company's valuation has tripled in the last six months, having become a unicorn or billion dollar company back in October last year. In a statement on Monday, Razorpay said that it would use this capital to scale its business banking operations under RazorpayX and Razorpay Capital, acquire more Business-2-Business software companies and expand into international markets. It will also hire 600 new employees, it said. Investors who participated in the Series E round include Sequoia Capital, GIC the sovereign wealth fund of Singapore, Ribbit Capital and Matrix Partners. Razorpay aims on being a one-stop financial platform that any business needs in order to simplify and manage their end-to-end money movement, said Harshil Mathur, chief executive officer and co-founder of Razorpay. "We have made some strides towards that journey, our recent initiatives in the Banking and Lending space through RazorpayX & Capital have helped businesses solve for some very unique challenges around managing money, empowering businesses to grow upto 10X in spite of an economically difficult year," he said. Razorpay is the main payments provider for 5 million businesses including the likes of Facebook, Airtel, Ola, Zomato, Swiggy, Cred and ICICI Prudential among others. It aims to reach 200 million customers by 2021, it said. "We expect digital payments to become a $500Bn+ market over the next 4-5 years. The Razorpay team, with their constant focus…
