Razorpay, an India-based FinTech unicorn has received an undisclosed amount from the investment arm of US-based customer relationship management firm, Salesforce Ventures to help grow its business banking vertical.
According to CEO and Co-founder Harshil Mathur of Razorpay, this ‘strategic investment’ will help the company to expand its services in Southeast Asian markets.
He added, “I am certain that this investment, along with support from our existing investors will help build an ecosystem for a hassle-free, easy-to-integrate payment and banking experience. We also hope to expand, build new products and deliver this experience to businesses in Southeast Asian countries too.”
Razorpay said that this partnership and investment will make a significant contribution to the industry and drive financial growth and adoption for unwarranted small businesses in the next one year.
The startup had announced in April its Series E funding of $160 million with which its valuation had tripled to $3billion in less than 6 months- one of the fastest increases in valuation for an India-based unicorn.
The company has helped small businesses and large enterprises in modernizing their financial infrastructure. Razorpay has been doing this by providing intelligent business banking and automated payment solutions for end-to-end management of their money flow. The infusion of fresh funding will help Razorpay in accelerating this growth.
Razorpay that turned unicorn a year ago claims that it has witnessed 40-45 percent monthly growth in recent months. This investment has come at a time when the digital economy and the FinTech sector of the country is witnessing an accelerated growth owing to the pandemic-related disruptions, with both businesses and customers alike going in for digital payment solutions.
According to Arundhati Bhattacharya, Salesforce India’s chairperson and chief executive, “The rapid growth in digital payments over the last year has opened doors for technology innovation and Razorpay has been emerging as the company of choice for a lot of e-commerce businesses. We are excited to support Razorpay in their journey to revolutionize digital finance not only in India but globally as well.”
Salesforce Ventures is one of the fastest-growing enterprise companies and a leading investor that has the expertise and insight to advise Razorpay on its future growth path.
Razorpay was founded in 2014 by Harshil Mathur and Shashank Kumar and is headquartered in Bengaluru, India. The platform allows businesses to receive, process, and disburse payments with its product suite.
Razorpay users have access to all payment means including netbanking, credit card, debit card, UPI and popular wallets including Airtel Money, Mobikwik, JioMoney, Ola Money, Free Charge, PayZapp, and Ola Money.