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Fresh Capital injections see Razorpay valuation rise to $3 billion

Razorpay becomes the third most valuable company in India after securing $160 million in series E round at a $3 billion valuation.

Razorpay co-founders| Source: Entrepreneur India

Six months after the Bengaluru-based company Razorpay secures a $100 million fund from Series D, the company has raised $160 million in its Series E round co-led by Singapore's sovereign wealth fund GIC and Sequoia India.

Other existing investors who participated in the round include Ribbit Capital and Matrix Partners.

This new development, according to Razorpay, has seen their value soar to $3 billion, making them the third most valued company in the fintech segment after Paytm and PhonePe.

Razorpay will use the fresh funds to scale up its business banking suite, invest in new acquisitions and launch in international markets such as South-East Asian countries.

Razorpay's core business is a payment gateway, and the bulk of its revenue comes from it.

"Razorpay registered a 2.6X jump in its revenues to Rs 509 crore in FY20". Fintrackr

More than 5 million small and large business makes use of Razorpay, and they include famous names like Facebook, IRCTC, Zomato, CRED, Zerodha, Indigo to mention a few.

Given the company's growing popularity, Razorpay is all set to reach 10 million businesses this year.