Why has Razorpay raised Rs.731 crore in the latest round of funding?
Answer
Answer
Razorpay has raised Rs.731 crore or $100 million in a new funding round led by Sequoia Capital and GIC. It also includes other names like Matrix Partners, Ribbit Capital, Tiger Global among others. This round values Razorpay at $1 billion making it India’s sixth unicorn.
The sharp spurt in digital payments accelerated Razorpay’s growth during the pandemic. In terms of sheer numbers, Razorpay has seen 300% growth in business in the six months since COVID-19 set in. Razorpay plans to use the funds for new product lines.
The big growth area that Razorpay foresees is the Neo-banking spaces, which can become the one-stop platform for all the banking needs of small businesses. Razor pay has an ambitious target to service 50 million businesses by 2025.