Overview
- Razorpay started with the objective of making online payments accessible to all companies whether big and small. Company offers a fast, affordable and secure way for merchants, schools, ecommerce and other companies to accept and disburse payments online.
- With the new funds in hand, Razorpay has a wide range of goals that it has set out to achieve. The company is looking to expand its presence in South East Asian countries, scale up its business banking suite and also invest in acquiring new companies.
- The company had recently acquired two startups – Opfin, a payroll and HR Management software company, and Thirdwatch, an Artificial Intelligence (AI) startup. It also plans to hire over 600 employees for the expansion plan.
Revenue and Valuation
- Razorpay raised $160 million from Sequoia India and Singapore-based GIC in Series E funding round that has trebled the valuation of the payment gateway startup to $3 billion in less than six months.
- Razorpay’s core business is payment gateway Company registered 2.6X jump in its revenues to Rs 509 crore in FY20. While it posted loss of Rs 6.15 crore during the same fiscal, it turned cash flow positive at the operational level during the fiscal.
- Now Razorpay has become the 3rd most valued company in the fintech segment after Paytm and PhonePe.
