Bangalore-based Razorpay has raised $160 million in a Series E funding round led by existing investors Sequoia Capital and Singapore’s sovereign wealth fund GIC. With this round, the valuation of the company tripled to $3 billion.

The round also saw the participation of Existing investors Ribbit Capital and Matrix Partners. The company has turned into a unicorn in October last year raising $100 million. With the latest round, the startup has now raised a total of $366.5 million.

Founded in 2014, by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay has made a name for itself in the Indian payments ecosystem. It is India’s full-stack financial solutions company that aims to enhance the payment experience of over 300 million end consumers.

The company product suite includes Payment Gateway, like Payment Links, Payment Pages, Subscriptions, Smart Collect, Route, Razorpay Capital, RazorpayX, Payroll, and Thirdwatch.

Despite the COVID-19 pandemic, the company reports that transaction volume has increased 400 percent in the last year.

“But there’s more work to be done, we believe there’s a dire need to develop new banking technologies that meet the rising demand. And so we plan to use these funds to further expand our banking and lending product suite so that we not only provide a better experience to businesses and their customers but significantly contribute to the growth of our partner businesses,” says Harshil Mathur, chief executive officer and co-founder of Razorpay.

Razorpay has a long list of objectives that it wants to accomplish with the new funds. The company wants to grow its presence in Southeast Asian countries, expand its business banking suite, and invest in new businesses.

“Being a technology-first company, we’re always evaluating products and technologies that automate long and arduous money movement, accounting, and other banking processes, thereby allowing businesses to focus more on their growth. In the next 12 months, Razorpay will look to introduce more such products, through strategic partnerships and acquisitions which fit into our vision of making financial infrastructure easy and available to businesses across the country,” said Shashank Kumar, co-founder, and chief technology officer, Razorpay.

Opfin, a payroll and HR management software firm, and Thirdwatch, an Artificial Intelligence (AI) startup, were both recently acquired by Razorpay. It also stated that the expansion plan has resulted in the hiring of over 600 people.