Razorpay said it has raised $160 million from Sequoia India and Singapore-based GIC in a funding round that has trebled the valuation of the payment gateway startup to $3 billion in less than six months. This is as per a report in the Economic Times.
Existing investors Ribbit Capital and Matrix Partners also participated in the funding round, underscoring the massive interest among risk investors in India’s fast-growing ntech and digital payments industry. The Bengaluru-based company had joined the unicorn club of startups with over a billion-dollar valuation last October, when it raised $100 million at a valuation of just over $1 billion in a round co-led by Singapore’s sovereign wealth fund GIC and Sequoia Capital.
Razorpay is among the fastest startups to see a meteoric increase in its valuation.
Other fintech companies such as credit card payments platform Cred, merchant payments solutions company Pine Labs and stock broking app Groww have also registered rapid bump up in valuation.
The company, which offers payment, lending, and banking solutions for merchants and enterprises will use the newly infused capital to expand in South East Asian markets such as Malaysia, Indonesia and Singapore, Chief Executive Officer Harshil Mathur told ET.