It has been a difficult time for people across the world. COVID-19 has disrupted lives in so many different ways. With more than a year since the first lockdown, Indian businesses too have been challenged in a way like never before. 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. 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.
It has also been an exciting couple of weeks for the Indian startup sector. For me, personally, it has been a fulfilling experience to see that in a space of a week, companies that we power at Razorpay such as Meesho, Groww, Pharmeasy, CRED, Sharechat, and Gupshup have become unicorns and taken another step in their growth journey.
As a company, we started out with the objective of making online payments accessible to all companies whether big and small. More than 6 years back, this was a steep mountain to climb, but our journey and the journey of our customers have been a testament to the impact that we have been able to create. We have always believed in a singular focus on building for the customer and we believe that despite all the changes in the industry and the ecosystem, it is the one factor that still drives us.
Our journey today has a new milestone, and I am delighted to share with you that we have raised a funding of $160 Million in our Series E funding round. The funding round is being co-led by GIC, Sequoia along with Ribbit Capital and Matrix Partners. This funding round takes us to a valuation of $3 Billion dollars.
Great journeys are so often dependent on who you are traveling with. I have been fortunate at Razorpay to be on this journey with a passionate team that is striving to revolutionize the space every single day. Shashank and I have always believed in empowering our employees to drive fearless innovation and the Razors have repeatedly stood up to the challenge. It has also been a pleasure to have our investors with us on this journey. From the support we have received to their understanding of our vision, it has made us stronger. All that we have done and what we plan to do is with a singular objective of customer delight and allowing entrepreneurs and enterprises to scale up without worrying about their finance backbone.
It was with this central theme of customer commitment that we started our business banking platform Razorpay X less than two years back. Today RazorpayX powers the banking requirements of more than 10,000 businesses and has seen a multi-fold increase in transaction volume over the past 12 months. A portion of the funds raised will be allocated to RazorpayX to develop tailored products on a new tech stack to further enhance convenience and security. Another major area that we have seen traction in is the working capital sector, where we are already disbursing credit worth Rs 700 cr per month to help entrepreneurs get access to working capital. By the end of this year, we want to increase that amount to Rs 1000cr per month. We have also realized that the problem of access and ease of payments for startups and even enterprises is present across developing countries in the world. As a first step we are evaluating an expansion into South-East Asia, and I believe our experience of developing products across a country as diverse as India, has prepared us for this new journey.
When Shashank and I 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. And, we are just getting started. None of this would have been possible without the support of our customers, who have been by our side throughout this journey. And I assure you that our commitment to building products for you will continue to be our core.
P.S – We are actively looking for talented and driven folks to join us on our incredible growth journey and take Razorpay to greater heights. Check out the open positions here, or feel free to get in touch with us at jobs@razorpay.com.
