India’s leading payment gateway platform Razorpay is the latest B2B fintech powerhouse to scoop a healthy funding round. Razorpay’s platform that powers Meesho, Groww, CRED, PharmEasy, Gupshup and Sharechat and others, has transformed the way e-commerce merchants and UPI app users make their payments with online payments links and pages. In its latest blog, Razorpay announced that it raised $160 million in Series E funding from investors that include GIC, Sequoia along with Ribbit Capital and Matrix Partners. The funding comes within a year of its last funding round of $100 million Series D raised in October 2020.
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COVID-19 has fast-tracked the fintech economy with a large number of Indian startups raising sizeable fundings in recent months and entering the coveted billion dollar evaluation club. These Fintech unicorns attribute their success to resilient technology innovations and blue ocean strategies to disrupt the digital payments industry. In a country like India, where Cash-On-delivery [COD] cash payments still rule the roost despite COVID-19 lockdowns, digital payment platforms are finding new grounds to break with digital payments, barcodes and UPI apps. According to a report, current cash preference in India is almost back to the pre-pandemic levels with close to 65 percent of customers still preferring to pay via cash.
Harshil Mathur, CEO and Co-founder of Razorpay explained the 6-year Razorpay journey in his official blog.
Harshil wrote: “When (we) started Razorpay, we wanted to democratize access to payments across India. As Razorpay has grown, we have come across newer problems to solve to make life easier for businesses. From Payments to Business Banking to working capital, we have built products with the singular commitment we have to our customers. Today we are a Fintech partner enabling end-to-end money movement and building the central nervous system for Indian businesses.”
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