Razorpay, the India-based digital payment platform that counts internet company GMO and payment services group Mastercard among its investors, secured $160m in series E funding yesterday.
Singaporean state-owned investment firm GIC and venture capital firm Sequoia Capital India co-led the round, which included Matrix Partners and Ribbit Capital, valuing the company at $3bn.
Founded in 2014, Razorpay has built an online portal which enables local users to carry out business payments including e-commerce transactions and employee payroll. It claims to have more than 300 million users across some 10,000 organisations.
The funding will be used to expand the company’s product offering, improve software security and expand into the Southeast Asian markets. GIC and Sequoia Capital India co-led its $100m series D round in October 2020, investing with Matrix Partners, Ribbit Capital, Tiger Global Management and Y Combinator.
Ribbit Capital and Sequoia Capital had previously co-led a $75.4m series C round for Razorpay in mid-2019 that also featured Tiger Global Management and Y Combinator’s Continuity Fund, reportedly valuing it at $450m.
Tiger Global Management and Y Combinator’s Continuity Fund co-led a $20m series B round for the company in 2018, with participation from Matrix Partners at a $100m post-money valuation. It came in the wake of an undisclosed sum provided by Mastercard two years earlier.
Tiger Global Management also led RazorPay’s $9m series A round, which included Matrix Partners, in late 2015. It followed $2.5m secured in a seed round a few weeks earlier featuring GMO Venture Partners, an investment vehicle for GMO, as well as Matrix Partners and Y Combinator.
