Razorpay, the India-based payment processing platform backed by GMO Venture Partners, the venture capital firm spun out of internet company GMO, has raised $9m in series A capital, YourStory reported yesterday.
The series A round was led by investment firm Tiger Global Management and included VC firm Matrix Partners. Razorpay told YourStory the funding came a week after it closed a $2.5m round backed by GMO Venture Partners, Matrix Partners, Y Combinator and a total of 33 angel investors.
Razorpay’s technology facilitates online payments using debit and credit cards, internet banking and digital wallets. The company participated in Y Combinator’s spring 2015 cohort, receiving $120,000 from the accelerator in the process.
The series A cash will help Razorpay to form partnership deals with more banks, create new features for its platform and build out its infrastructure. The company also hopes to grow its team from a current 15 employees and to expand across Southeast Asia in the longer term.