A financial technology company providing payments solutions that allow businesses to accept, process and disburse payments.
Razorpay is India’s first converged payments solution company which aims to revolutionize online payments by providing clean, developer-friendly APIs and hassle-free integration. It is a financial technology headquartered in Bangalore, India that was founded by Harsil Mathur and Sashank Kumar in 2014. The company provides payments solutions that allow businesses to accept, process and disburse payments. Razorpay participated in the W15 cohort of Y Combinator and was the second startup in India to be selected for Y Combinator.
India’s Razorpay nabs $20M led by Tiger Global for its Stripe-like payment gateway. E-commerce remains among the biggest tech opportunities in India, one of the world’s most populated countries whose economy continues to rapidly evolve and now has over 500 million people connecting to the Internet. Razorpay, which has built a payments gateway for businesses to quickly integrate payments services into their websites and apps by way of an API, has raised another $20 million at what reliable sources have told us is a valuation of over $100 million, to fuel its next stage of growth. The funding, a Series B round, is led by Tiger Global with participation also from Y Combinator via its Continuity Fund and Matrix Partners.
Razorpay raises $20M funding led by Tiger Global, Y Combinator
Razorpay offers 6 different services, including subscriptions, invoicing and payment URLs alongside its basic payment offering, and the idea will be to add more products into the mix, providing any and all payment services to companies doing any part of their business transactions online.
Currently, Razorpay has around 18 applications, infrastructures, web servers and databases that need to be migrated and they’re focusing on migrating the critical ones immediately. The company’s merchant count currently stands at over 1 lakh and is geared to increase to 2 lakh by the end of 2018. Their vision is to impact 500 million businesses by 2020. A lot of e-commerce is a game of scale, where margins are often very thin and therefore you need a model based on many, many transactions to get good returns. But companies like Razorpay, especially in their early days, have opportunities for other reasons.
Razorpay is attracting the attention of companies that are interested in doing more payments business in India, both as partners and as potential acquirers. Sources tell us that Stripe, PayPal, Amazon, Adyen and others have all approached Razorpay for potential partnerships, and potentially a little bit more.
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Razorpay, a converged payments solution company, announced that it now supports 100 currencies for international digital payments – including all popular currencies such as U.S. Dollar (USD), European Dollar (EUR), British Pound (GBP), Arab Emirates Dirham (AED) and Singapore Dollar (SGD).
With this offering, the company aims to open new growth avenues for the MSME segment, by enabling them to accept payments from other countries.