India's Razorpay Turns Unicorn after Latest Funding Round

COVID has changed how commerce happens, even in countries like India, where a vast majority of the population is dependent on cash for transactions. But Razorpay is changing this in a great way on the subcontinent as businesses in the country look to move online and leverage the internet and mobile technology.

Now, the company has announced that it has raised $100 million in Series D funding. The round was co-led by GIC (Singapore’s sovereign wealth fund) and Sequoia with participation from existing investors Ribbit Capital Y-Combinator, Matrix Partners, and Tiger Global. The latest round of funding has turned Razorpay into a unicorn amidst the pandemic.

“In the past five years, we have served millions of businesses and helped them accept revenues of tens of billion dollars. Razorpay is also the first operational neobank to become a unicorn heralding a new age and the next chapter of digital neobank story in India that has been seeing tailwinds worldwide,” wrote Shashank Kumar, Co-Founder of Razopay on the company blog.

Razorpay was founded by the IIT Roorkee alums Harshil Mathur and Shashank Kumar in 2014. They moved to the tech capital of India, Bangalore, to establish the company. Back then, accepting online payments was a major struggle, and Razorpay has greatly helped address the problem since it entered into this space. Razorpay serves acclaimed international brands, including Google, Wikipedia, Facebook, Meesho, Zerodha, Hotstar, and many more.