Bangalore-based payment facilitator Razorpay has tripled its valuation over the past six months to $3 billion. The company just completed a Series E funding round that drew in $160 million, according to a post on its web site.
The round was led by Singapore’s sovereign wealth fund GIC and investment firm Sequoia and joined by Ribbit Capital and Matrix Partners.
“Along with my team at Razorpay, I have seen immense resilience and tenacity among entrepreneurs across the country as they not only faced the pandemic but adapted to it,” Harshil Mathur, the company’s CEO and co-founder, said in the post.
“With consumers turning to digital commerce, more and more businesses went online, and I was amazed at the speed of recovery and growth of Indian businesses,” he said.
The company will use the fresh funds to develop products on its business banking platform, RazorpayX, Mathur said. It also plans to grow its lending product and is considering an expansion into Southeast Asia.
The company told TechCrunch that its latest valuation would allow it to explore more M&A opportunities.
“We are one of the largest payments providers in the Indian ecosystem. We want to take the learnings we have in India to the Southeast Asian market. Before the end of the financial year, we want to launch in one or two Southeast Asian markets,” Mathur said.
The company first become a unicorn, valued at over $1 billion after a $100 million funding round, last October.
According to Bloomberg, the company has increased the annual payments volume it processes to $40 million, up from $12 billion a year ago. It has also grown from 3 million businesses on its platform to 5 million today.
The company has raised $366.5 million to date, the Bloomberg article said.