Indian fintech Razorpay receives USD 375 million in Series F from Lone Pine Capital & Others

The Bangalore-headquartered startup said it has raised $375 million in its Series F financing round. The new round was co-led by Lone Pine Capital, Alkeon Capital and TCV.

Existing investors Tiger Global, Sequoia Capital, GIC and Y Combinator also participated in the new round, said Razorpay. Razorpay says it has amassed over 8 million businesses including Facebook, Swiggy, Cred, National Pension System, Indian Oil among its customers.

“Our payments businesses continues to keep getting stronger. In the last one and a half years, we have also been able to prove our thesis on neobanking and lending,” said Harshil Mathur, co-founder and chief executive Razorpay. “We want to ensure that when you start a company, and sign up with Razorpay, we do everything for you on the financial side-from opening a bank account to building payments and disbursals and salary payouts. You don’t have to step out and use multiple tools,” he added.

Razorpay is now one of India’s most valuable fintech startups, at a $7.5 billion valuation.

“Over the last seven years, we’ve tirelessly worked towards making Razorpay a technology and product company which is people-first. If there is one thing the Razorpay team has committed to doing since 2014, it is to never stop reinventing,” said Shashank Kumar, co-founder of Razorpay.

The startup aims to hire over 600 people to fuel its growth in India and Southeast Asia and continue to focus on expanding its product offerings.
“As the lending online payments player in the rapidly accelerating Indian digital payments market, Razorpay has continued to innovate and blaze new trails,” said Deepak Ravichandran, General Partner at Alkeon Capital, in a statement.

“With a broad set of products across payments, banking and software that provide a seamless end-to-end experience for merchants (who have been historically undeserved by legacy payments providers) and geographic expansion on the horizon, we are thrilled to be partnering with Harshil, Shashank and his team who have continued to execute on their vision. We could not be more excited for the journey ahead.”