15 January 2018, India:
Payments solutions firm Razorpay has raised $20 million in Series B funding. The round was led by Tiger Global and Y Combinator. Existing Investor Matrix Partners also participated in the round.
The fresh capital will be used to scale up products and improve technological capabilities and offerings. The funds will also be used to expand the team.
Harsh Mathur, Chief Executive and Co-founder of Razorpay said, “The cash-heavy traditional sectors and new age businesses require comprehensive and powerful products that enable more than just payment acceptance and help them scale money movement through these technologies and it is these sectors which we believe will lead the next phase of surge in digital payments in India”.
Mathur further said, “We are elated to see our marquee investors reinstating faith in Razorpay and our vision. The results that we have managed to achieve demonstrate the growth of India-focused SaaS market and its increasing maturity. The idea we are promoting with Razorpay is that there will be one comprehensive and innovative product that will manage the entire money movement for India’s huge undeserved business community.”
Anu Hariharan, Partner at Y Combinator’s Continuity Fund said, “We are excited to participate in Razorpay’s Series B round. The company’s vision and execution over the last three years has shown tremendous results, especially for an India-focused SaaS company. With the online and digital payment space going through a massive transformation in India, their business is only going to grow further.”
With this funding, Razorpay has raised a total of $31.5 million funding till now. Earlier in 2015, it had raised $11.5 million in Series-A funding.
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