Razorpay, India’s first converged payments solution company, announced its Series C funding of $75 million, led by two of the largest venture capital firms, Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. The company has seen a tremendous growth so far, in people, technology and market share. It has raised a total of $31.5 million in Series A (2016) and Series B (2018) rounds, along with 33 angel investors and a strategic investment by MasterCard. The company expects to use a major share of these funds to develop new technologies and scale up its recently expanded product suite, Razorpay X and Razorpay Capital. The company hopes that its neo-banking platform (Razorpay X) and lending arm (Razorpay Capital), along with the non-payment gateway suite to contribute to 40% of its revenue by next year. It also plans to use these funds to double its headcount to 700 by 2020 and hire senior members to lead different product verticals.
