Razorpay, the digital payments and business banking platform said that it has received a strategic investment from Salesforce Ventures. It did not disclose the amount of investment.
In its last round of Series E fundraise in April, Bengaluru-based Razorpay was valued at over $3 billion.
“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,” said Harshil Mathur, CEO and Co-Founder, Razorpay.
“I am certain that this investment, along with support from our existing investors will help build an ecosystem for 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,” he added.
In the last six months, Razorpay says it has witnessed a 40-45 percent growth, month-on-month. Currently, the company has achieved $50 billion TPV (Total Payment Volume).
RazorpayX, the neobanking platform of the company, saw over 400 percent growth in transaction volume during these 16+ months of pandemic and is currently serving over 15,000 Indian businesses, the company said.
“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 CEO, Salesforce India.
In April this year, Razorpay had announced its Series E fundraise of $160 million, which tripled the company’s valuation to $3 billion in less than six months since it became a unicorn. This round of fundraising was co-led by its existing investors GIC and Sequoia India. It also saw participation from Ribbit Capital, Tiger Global and Matrix Partners.
Razorpay is powering payments for over 8 million businesses currently, including the likes of Facebook, Cred, Ola, NPS, Amazon, Tata Technologies, Zomato, Amul, Swiggy, ICICI Prudential among others and says it is all set to reach 200 million customers (from the current 140 million) by the end of this year.