India’s Razorpay hits $7.5bn valuation

Fast-growing Indian banking and payments platform Razorpay has hit a $7.5 billion valuation off the back of a $375 million Series F funding round co-led by Lone Pine Capital, Alkeon Capital and TCV.

The latest round – joined by Tiger Global, Sequoia Capital India, GIC and Y Combinator – sees Razorpay more than double its valuation since its last funding in April.

Founded seven years ago, Razorpay provides businesses with the ability to accept payments across multiple channels, incorporating over 100 payment instruments. Customers include the likes of Facebook, Google and Wikipedia.

The firm has spent the last two years riding the Coronavirus wave as more businesses switch to digital payments and move online during the pandemic, recording huge growth in transaction volumes and hiring hundreds of employees.

With the new funding in place, it plans to scale its neo-banking platform RazorpayX, launch new products, expand into South East Asia, and make acquisitions in the B2B SaaS space.

Harshil Mathur, CEO, Razorpay, says: “A very large segment of India is yet to be digitized. As we continue to build for the underserved part of the market and as we bring more and more innovations into the payments and banking space for Indian businesses, we believe that we can rapidly accelerate this digitization.”