Razorpay secures $375m in Series F round, valuation jumps to $7.5b

Razorpay Founders (L-R), Harshil Mathur & Shashank Kumar

Bengaluru-based payments processing platform Razorpay has raised around $375 million in its Series F round co-led by Lone Pine Capital, Alkeon Capital and TCV, according to an announcement on Monday.

With this round, Razorpay’s valuation has more than doubled to hit $7.5 billion in just eight months. Existing investors Tiger Global, Sequoia Capital India, GIC and Y Combinator also joined the latest round.

Razorpay was valued at $3 billion in April this year when it raised its $160-million Series E round led by Singapore wealth fund GIC. It subsequently raised an undisclosed sum from Salesforce Ventures in funding that valued the startup at a little over $3 billion.

Incidentally, Razorpay’s valuation in April 2021 had trebled to $3 billion in less than six months. The company had hit the valuation of over $1 billion after raising $100 million in its Series D round co-anchored by GIC and Sequoia Capital India in October 2020.

Razorpay has raised $741.6 million in external funding to date, per Crunchbase data.

Founded in 2014 by IIT Roorkee graduates Shashank Kumar and Harshil Mathur, Razorpay helps small businesses and large enterprises modernise their financial infrastructure by providing intelligent automated payment and business banking solutions to manage their money flow end-to-end.

The proceeds from the latest round will be deployed to further scale RazorpayX, its neo-banking platform that powers 25,000 Indian businesses, the statement said.

Razorpay is also looking at foraying into SE Asia, leveraging its learnings from the Indian market. Furthermore, it will look at making acquisitions in the B2B SaaS space, per the statement.

Razorpay has reportedly been looking to expand its footprint to the Philippines, Vietnam, Indonesia and Malaysia, and offer its core payment gateway service in these markets.

The company had earlier said it was on the lookout for B2B financial SaaS startups operating in SME credit, accounting and taxation, accounts receivable, and expense management. Razorpay acquired two companies in 2019 — Opfin, a payroll and HR Management software company, and Thirdwatch, an AI-driven company specialising in big data and machine learning for real-time fraud prevention.
In 2021, Razorpay acquired an AI-based risk analysis platform, TERA Finlabs, marking its third acquisition since inception.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.