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One of the early fintech startup which seems to be multiplying users post demonetisation through its payment gateway for online businesses, Razorpay has successfully raised $20 million from existing investors Tiger Global and Y Combinator. Razorpay had earlier raised an undisclosed amount of funding in a venture round from Mastercard in 2016.
In 2015, Razorpay was also selected in the Combinator accelerator programme. Y Combinator has now led Razorpay’s Series B round through their Y Combinator Continuity fund.
Speaking at the development Harshil Mathur, CEO and co-founder of Razorpay cited, “While the focus will remain to take up the core digital payments solution to the next stage, with the fundraise the company will now scale up its four products Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Invoices, launched earlier, as part of Razorpay 2.0 and bolster its technological capabilities and offerings.”
The company is also going global with the funds raised and Shashank Kumar, CTO and co-founder stated, “While India will remain our main focus market, the company is also looking forward to catering to the other markets of South Asia/Southeast Asia such as Malaysia and Philippines.”
Also Anu Hariharan, Partner at Y Combinator’s Continuity Fund mentioned, “We are excited to participate in Razorpay’s Series B round. The company’s vision and execution over the last 3 years has shown tremendous results, especially for an India focused SAAS company. With the online and digital payment space going through a massive transformation in India, their business is only going to grow further. There is now an inherent need for better systems, process and infrastructure in place and we are confident that Razorpay is perfectly suited to make the most of the changing landscape. They have disrupted the market with top talent shipping out great products, through cutting-edge technology and a customer-centric approach. We are excited to continue our relationship and eagerly looking forward to the progress this company will make over the next few years. The results that we have managed to achieve demonstrate the growth of India focused SAAS market and its increasing maturity. The idea we are promoting with Razorpay is that there will be one comprehensive and innovative product that will manage the entire money movement for India’s huge underserved business community. The cash-heavy traditional sectors and new age businesses require comprehensive and powerful products that enable more than just payment acceptance and help them scale money movement through technology. And it is these sectors which we believe will lead the next phase of the surge in digital payments in India.”