Razorpay, India’s start-up digital payment platform, is raising $ 160 million from Sequoia India, Singapore’s private fund GIC Pte and others, tripling its value to $ 3 billion in six months. A company headquartered in Bangalore, which helps entrepreneurs to use their payment methods, will use the funds to expand into banks and lend, buy and install services in Southeast Asia, the company said on Monday. Razorpay Software Pvt, as the company is officially known, has collected a total of $ 366.5 million so far.
India is in the middle of an unprecedented initiative, as the coronavirus epidemic hits many online businesses and investors see an unused opportunity to make a profit in the new digital ecosystem. Earlier this month, six starters turned unicorns over a period of days, almost all of them by 2020. Razorpay is the biggest beneficiary, as its numbers rise after reaching a multi-billion dollar mark in October.
The initiative has seen a 300% increase in capacity and finances for the financial year ending March, said one of its founders and CEO Harshil Mathur.
“We are now considering about $ 40 billion in annual payments, compared to $ 12 billion last year,” Mathur said, referring to the money at the Zoom video conference. More than 5 million businesses use their payment infrastructure at present, compared to 3 million last year.
The Indian fintech segment has received a lot of momentum after heavy pressures, time-limited night placements and operating limits for supermarkets and supermarkets. Consumers in a world of 1.3 billion people spend a lot of money on e-commerce, online learning, online games and asset management services.
“Offline retailers are coming to the internet very quickly, and grocery stores and grocery stores are opening online, increasing digital payments,” said Mathur, a colleague competing for startups such as BillDesk and PayU. Razorpay was founded in December 2014 by Matr, now 30, and classmate Shashank Kumar, 31, who is studying for the Prime Minister’s School of Engineering, at the Royalkee Indian Institute of Technology.
The two would work overseas Microsoft Corp. and Schlumberger before the idea of starting a payment gate brought them back to India. Mathur said the two had paved the way for at least 100 bank owners before obtaining a gateway license.