Razorpay, an India-based online payment technology provider that counts internet company GMO as an investor, completed a $20m series B round co-led by Tiger Global Management and Y Combinator yesterday.
Hedge fund sponsor Tiger Global and accelerator Y Combinator, which invested through its Continuity Fund, were joined by private equity firm Matrix Partners. The round valued the company at more than $100m, “reliable sources” told TechCrunch.
Founded in 2014, Razorpay has created a platform that helps online businesses receive, process and make payments simply and efficiently. It recently released the latest version of its software, adding features such as invoicing and scheduled payment management.
The series B round comes after payment services firm Mastercard invested an undisclosed amount in Razorpay in mid-2016 as part of a deal in which the company integrated the MasterCard Payment Gateway system into its platform.
Razorpay also secured $9m in a 2015 series A round led by Tiger Global and backed by Matrix Partners. The series A was in turn raised a week after the close of a $2.5 seed round featuring GMO’s corporate venturing unit, GMO Venture Partners, Matrix Partners and Y Combinator.
Harshil Mathur, co-founder and CEO of Harshil Mathur, said in a blog post announcing the funding: “In the past one year, Razorpay has clocked in a healthy growth rate of 40-50% month-on-month and we are on course to impacting lives of 500 million end consumers by 2020.
“We expect more than 10x growth in volume and revenue by the next fiscal year and our new products should contribute to at least 30% of our revenue.”