your password has been reset successfully, Please login again.

Payment solution provider Razorpay raises $20 million in Series B round

Razorpay raises $20 million in Series B round from Y Combinator and its existing investors Matrix partners, Tiger Global.
BY BEx Bureau
BusinessEx
Jan 17, 2018

Digital payment segment is booming in India. Statista report states that this segment transaction value currently amounts to $51,756 million and will grow at a CAGR of 17.4 per cent to $98,309 million by 2022. In this segment, a payment solution startup Razorpay has raised $20 million funding in Series B round from investment firm Tiger Global, seed accelerator Y Combinator and venture capital firm Matrix Partners.

Bengaluru-based payment gateway solution provider Razorpay was launched in 2013 by Harshil Mathur and Shashank Kumar. The platform provides away to accept, process and disburse payments for online businesses. The startup plans to use the raised funding to expand its services of payment disbursement, recurring payments, payment collection and invoice management. The source of finance of the company is a commission from each payment transaction made by the client.

Stripe and PayPal are likely to focus onglobal companiesserving Indian markets. We are focused ondomestic businesses, CEO of Razorpay,Harshil Mathursaid.

The startup has raised a total of $31.6 million to date from which $11.5 million was raised by Mastercard in 2016. The startup has also raised funding of $9.6 million from Tiger Global and Matrix Partners in 2015.

Anu Hariharan, a partner at Y Combinators Continuity Fundsaid, The companysvisionandexecutionover the last three years have shown tremendous results, especially for an India-focusedSAAS company. With the online and digital payment space going through amassive transformationin India, theirbusinessis onlygoing to growfurther.

The startup current merchants include GoIbibo, Yatra, Zomato, Zoho, etc. The startup is expecting to increase up to 2 lakh by the end of this year.

Please add your Comment
SIMILAR News
June 13, 2018
The fund plans to invest in seven to eight startups this year ...More
By Sanjana Surbhi
June 01, 2018
Sequoia India, which first invested in Pine Labs in 2009, remains the company’s largest shareholder ...More
By Sanjana Surbhi
June 01, 2018
Maiya initially raised funds from Ascent Capital and later from Peepul Capital ...More
By Sanjana Surbhi
May 31, 2018
WeWork operates nearly 1-million-sqft space at present and has a million sqft more signed up already ...More
By Sanjana Surbhi
May 31, 2018
Uber received $1.25 billion from a large deal with SoftBank in January ...More
By Sanjana Surbhi
May 31, 2018
The telecom settled its eight month dispute with Swedish telecom equipment maker Ericsson ...More
By Sanjana Surbhi
May 31, 2018
Azim Premji invests in private companies to become prosperous public companies ...More
By Sanjana Surbhi
May 29, 2018
The bid by UltraTech is nearly Rs 1,000 crore higher than the offer by Dalmia Bharat Group ...More
By Sanjana Surbhi
May 29, 2018
The company is now planning to enter into tier II and III cities by doubling its distribution networ ...More
By Sanjana Surbhi
May 29, 2018
Alibaba Health's CEO added that the deal would help the firm expand by adding new categories to its ...More
By Sanjana Surbhi
May 28, 2018
Amazon is expected to co-create financial products with the insurance tech start-up, besides being i ...More
By Sanjana Surbhi
May 28, 2018
As CFO, Balakrishnan will also be in charge of the dividend RBI pays to the government ...More
By Sanjana Surbhi