In a major development, Start- up payments solution provider Razorpay has raised about Rs 731 crore. The round, which valued the company also saw participation from Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners.
The company has witnessed a 300 per cent growth in its business during the last six months.
Razorpay helps businesses modernise their financial infrastructure by providing intelligent automated payment and banking solutions to manage their entire money flow.
By FY2021, the company expects RazorpayX and Razorpay Capital to contribute 35 per cent of its revenue, with a 100 per cent increase in the company’s count of partner businesses.
The funds raised will also be used towards hiring additional 500 employees by FY21, the statement said.
Razorpay CEO and Co-Founder Harshil Mathur said “Over the last six months, RazorpayX, the neo-banking platform, has witnessed 100 per cent growth, primarily because we built the product zero-up solely from the eyes of the customers” needs.”
Neobanking is a nascent but fast-developing space in the Indian market and has the potential to become the one-stop platform for a business” banking needs, he added.
Despite the COVID-19 disruptions, the Indian fintech market is expected to grow to Rs 6.20 lakh crores by 2025, the company said.
It currently powers payments for over 5 million businesses including Airtel, BookMyShow, Facebook, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and aims to double this to 10 million by the end of this year.