The month of December is always an “exciting month” for Razorpay, the company wrote in a blog post dated December 20, 2021.
Razorpay added that it has celebrated its 7th year since launch. The firm reveals that what started off as an idea between Shashank and me (Harshil Mathur, CEO and Co-founder at Razorpay), 7 years back, has today turned into “a 2000 strong Razorpay Team, and throughout this journey I am extremely grateful for the adoption and love that Razorpay has received from businesses across the country.”
Mathur shared that when they began their journey, they wanted to ensure that they’re able to offer every firm, irrespective of its size, access to the power of virtual payments.
Today, they are quite humbled to have the “trust” of 8 million partner businesses.
As the firm moves forward to innovate, “build newer products and simplify the complexity in the existing payment and banking infrastructure for businesses, some things will continue to be the same,” Mathur noted.
He also mentioned that they started Razorpay with the central core of “Everything we do, we do for our customer.” And 7 years later, he’s “happy that it still remains the center of what we do.”
He added:
“And this 7th anniversary … becomes even more special for us as we hit a new milestone. Today I am delighted to announce that we have raised around $375 Million in our Series-F round with a valuation of $7.5 Billion. This Funding round is co-led by Lone Pine Capital, Alkeon Capital and TCV and also saw participation from existing partners like Tiger Global, Sequoia Capital India, GIC and Y Combinator.”
He further noted:
“With this new round of funding, we will look to strengthen India’s financial infrastructure for small businesses, so that they don’t have to worry about payments, banking or compliance issues. They can focus on what they do best: build their products, bring new ideas to life, create scale, and THRIVE!.”
Mathur confirmed that they recently launched “a slew of new products in line with that vision at FTX’21 including MAGIC Checkout, RazorpayX Tax Payment Suite, and Razorpay RIZE.”
As they continue to build more and more intelligent technologies, the team believes that they will “radically change how payments and banking are done in nearly every sector of India,” Mathur added.
The proceeds will be channeled towards scaling RazorpayX, the Fintech firm’s neobanking platform, and work towards completely “revamping the banking experience for businesses,” Mathur revealed.
He also mentioned that they are “glad to see how RazorpayX is changing the business of banking rapidly and intelligently, powering over 25,000 Indian businesses to manage their money.”
For more details on this announcement, check here.