Indian payments firm Razorpay announced that it has secured US$160 million during its Series E funding round which has tripled its valuation to US$ 3 billion.
The funding round was co-led by GIC, Sequoia along with Ribbit Capital and Matrix Partners.
Razorpay said that a portion of the funds raised will be allocated to “develop tailored products on a new tech stack to further enhance convenience and security”.
The company also plans on increasing the disbursement of working capital to businesses from Rs 700 crores (US$ 93.5 million) per month to Rs 1000 crores (US$133.5 million) per month.
Razorpay added that it is also currently evaluating an expansion into South East Asia.
In October 2020, Razorpay had obtained unicorn status when it secured US$100 million in Series D financing round.
Harshil Mathur, CEO and Co-Founder of Razorpay said,
“From payments to business banking to working capital, we have built products with the singular commitment we have to our customers. Today we are a fintech partner enabling end-to-end money movement and building the central nervous system for Indian businesses.
And, we are just getting started. None of this would have been possible without the support of our customers, who have been by our side throughout this journey. And I assure you that our commitment to building products for you will continue to be our core.”
Featured image: Harshil Mathur, CEO and Co-Founder of Razorpay and Shashank Kumar, Co-founder of Razorpay