Indian payments startup Razorpay backed by Salesforce
Bangalore based fintech Razorpay, valued at $3 billion in a financing round in April, has courted Salesforce Ventures.
Razorpay said it has received a strategic investment from the venture arm of the American enterprise giant. The investment will help the startup “further strengthen its presence in the business banking space,” it said.
The size of the investment was not disclosed but the startup said the deal will “make an impactful contribution to the industry and drive adoption and financial growth for undeserved small business in next twelve months.”
Razorpay accepts, processes and disburses money online for enterprises and small businesses. Recently, it has launched a neobanking platform to issue corporate credit cards and offers businesses working capital.
“At Razorpay, we want to make further strides on the idea of investing in India’s digital future and building an intelligent payment and banking infrastructure for the new-world. We are delighted to associate with Salesforce Ventures and Salesforce more broadly in India,” said Harshil Mathur, co-founder and chief executive of the fintech startup.
He further added, “I am certain that this investment, along with support from our existing investors, will help build an ecosystem for a hassle-free, easy-to-integrate payments and banking experience. We also hope to expand, build new products and deliver this experience to businesses in South East Asian countries too.”
The startup became a unicorn a year ago and has seen 40-45 per cent month-on-month growth in recent months.
“The journey towards a ‘less-cash’ economy has been accelerated with the pandemic. The rapid growth in digital payments over the last year has opened doors for technology innovation and Razorpay has been emerging as the company of choice for a lot of e-commerce businesses,” said Arundhati Bhattacharya, chairperson and chief executive of Salesforce India.
She added, “We are excited to support Razorpay in their journey to revolutionize digital finance not only in India, but globally as well.”
India has produced 27 unicorns this year up from 11 last year with many high-profile global investors including Falcon Edge Capital, Tiger Global, Temasek, SoftBank Vision Fund 2 and Coatue Management.
Razorpay said it has received a strategic investment from the venture arm of the American enterprise giant. The investment will help the startup “further strengthen its presence in the business banking space,” it said.
The size of the investment was not disclosed but the startup said the deal will “make an impactful contribution to the industry and drive adoption and financial growth for undeserved small business in next twelve months.”
Razorpay accepts, processes and disburses money online for enterprises and small businesses. Recently, it has launched a neobanking platform to issue corporate credit cards and offers businesses working capital.
“At Razorpay, we want to make further strides on the idea of investing in India’s digital future and building an intelligent payment and banking infrastructure for the new-world. We are delighted to associate with Salesforce Ventures and Salesforce more broadly in India,” said Harshil Mathur, co-founder and chief executive of the fintech startup.
He further added, “I am certain that this investment, along with support from our existing investors, will help build an ecosystem for a hassle-free, easy-to-integrate payments and banking experience. We also hope to expand, build new products and deliver this experience to businesses in South East Asian countries too.”
The startup became a unicorn a year ago and has seen 40-45 per cent month-on-month growth in recent months.
“The journey towards a ‘less-cash’ economy has been accelerated with the pandemic. The rapid growth in digital payments over the last year has opened doors for technology innovation and Razorpay has been emerging as the company of choice for a lot of e-commerce businesses,” said Arundhati Bhattacharya, chairperson and chief executive of Salesforce India.
She added, “We are excited to support Razorpay in their journey to revolutionize digital finance not only in India, but globally as well.”
India has produced 27 unicorns this year up from 11 last year with many high-profile global investors including Falcon Edge Capital, Tiger Global, Temasek, SoftBank Vision Fund 2 and Coatue Management.
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