Indian fintech giant Razorpay has doubled its valuation from $3 billion in April to $7.5 billion to become India’s fastest-growing fintech firm. It raised $375 million in the first round of its series F funding, co-sponsor by hedge and private equity firms Lone Pine Capital, Alkeon Capital, and TCV.
With this fundraise, the company’s value now is $7.5 billion. Razorpay Co-Founder and CEO Harshli Mathur said, “the business is now the de-facto choice for payment solutions.”The company sees the highest sevenfold rise in its value since 2021 when it was valued at little at $1 billion. Now, Razorpay is the second most valued fintech company in India after Paytm, owned by One97 Communication Ltd.
Existing investors of Razorpay, including Tiger Global, Sequoia Capital India, GIC, and Y Combinator, also participated in the series, the company added. With this 2x jump in its valuation, the company has raised a total of $741.5 million ever since its inception.
On examples led by PayPal, the company has plans to introduce cryptocurrency as a payment method. Concerning this with the awaited crypto bills in India, it seems a turning point in its growth in the coming years.
The Bengaluru-based fintech firm sees an international expansion in 2022, starting with its presence in Southeast Asia by the first half of 2022. Reportedly, it aims to be settled among the top fintech companies in the USA by 2025. The company joined the list of India’s unicorn club in October 2020; it has raised over $100 million from different funding series.
The company recently shared in a report that its total payment in the process is $60 billion, and the company is powering payment for around 8 billion businesses in the world. The company expects this number to reach $90 billion in the next year.