Razorpay, one of a few India financial technology groups showing rapid growth in recent years, has been added to the unicorn club following its $100 million in fresh funding, the company said Monday.
The Bangalore-based payments processing company said the capital infusion had given it a valuation of more than $1 billion - making Razorpay the fifth India fintech group to attain unicorn ranking next to online payment processor BillDesk, PhonePe and insurance company PolicyBazaar - which were all worth more than $1 billion in 2018.
The funding was led by Singapore sovereign-wealth fund GIC and existing investor Sequoia Capital. Other backers include Y Combinator, Matrix Partners India, Ribbit Capital and Tiger Global Management.
According to Razorpay joint founder Shashank Kumar, the funding comes with "a major milestone of Razorpay emerging as the newest unicorn in India," EnTrackr quoted Kumar saying in a blog post.
Razorpay helps companies with automated banking and payments to manage accounting. The funding boosts Razorpay's investments since its founding in 2014.
The company has expanded its products in recent years to provide cash assistance to businesses and a neo-banking application for the issuance of credit cards. In neo-banking Razorpay competes with Open - whose latest funding round was $30 million in June last year.
Some of the fintech's customers include Facebook, Flipkart, food delivery companies Swiggy and Zomato, telecommunications company Airtel, online learning app Byju's and travel ticketing startups Goibibo and Yatra.
Razorpay employs 1,300 staff and is aiming to double its growth in the coming year. It is looking to hire 500 new staff.
Its long-term goal is to go public but says it will first try to reach overall profitability in two to three years.
