Bangalore-headquartered startup, which is a market leader in payments processing in India, said it has raised $375 million in its Series F financing round. The new round, which brings more capital to the startup than all its other previous financings put together, was co-led by Lone Pine Capital, Alkeon Capital and TCV. Existing investors Tiger Global, Sequoia Capital India, GIC and Y Combinator also participated in the new round, said Razorpay, which has raised over $740 million over the past seven years. Razorpay accepts, processes for – and disburses money to – small businesses and enterprises. It also operates a neobanking platform, through which it offers credit cards and working capital to businesses. It also offers an international payments gateway that supports over 90 currencies. Some of its other offerings include helping businesses with collating tax and compliance disbursements, generating payment links that can be shared via email or through instant messaging services, subscription plans with automated recurring transactions on various payment modes, and automatic reconciliation of incoming transactions using virtual accounts and UPI IDs.
The startup — whose offerings are like those of Stripe, the global payments giant that has little to no presence in India — has also entered a few nations in Southeast Asia in recent years. Razorpay, which processes $60 billion in transactions annually (up from $5 billion in 2019), says it has amassed over 8 million businesses including Facebook, Swiggy, Cred, National Pension System, Indian Oil among its customers. Of the 42 startups that have become unicorns in India this year, 34 of them use Razorpay. The startup plans to continue to focus on expanding its product offerings and hire over 600 people to fuel its growth in India and Southeast Asia.