Enterprise-grade digital payment solutions company Razorpay has joined the famed unicorn club, which includes companies with over $1 billion in valuation. It achieved the feat by raising a new fund of $100 million led by Sequoia India and GIC (Singapore), becoming the sixth India start-up to join the list this year.
Razorpay is one of the fastest-growing digital payments platforms in India, providing payment solutions to an elite list of clients, including BSE, OYO, Reliance, Aditya Birla, Sony, and Indigo Airlines. According to media reports, Razorpay admittedly has a 35% monthly growth rate and expects a quadruple growth by the end of the year.
Founded by IIT Graduates Harshil Mathur and Shashank Kumar in 2014, Razorpay has received investments from renowned names like Tiger Global, Matrix Partners, Y Combinator, and Ribbit Capital, who also participated in the Series D funding.
Prior to the Bangalore based digital payments gateway, other Indian start-ups like PhonePe, BillDesk, Paytm, and PolicyBazaar were also included in the unicorn club. Out of all, Paytm has the highest valuation, exceeding $16 billion. Commenting on their latest round of funding, Razorpay Co-Founder and CEO Harshil Mathur said that the company would expand its team of 1,300 employees by 500 new recruits for product, growth, and technology development. He added,
Razorpay is expected to acquire smaller start-ups in the business-to-business digital payments segment. The company is reportedly in talks with at least five start-ups for a possible acquisition, though CEO Mathur has such is move is still in the discussion phase.