The month of December is always an exciting month for all of us at Razorpay. This December 17th, in what has been a truly exciting and rewarding journey, Razorpay turned 7. What started off as an idea between Shashank and me, 7 years back, has today turned into a 2000 strong Razorpay Team, and throughout this journey I am extremely grateful for the adoption and love that Razorpay has received from businesses across the country.
When we started our journey, we wanted to ensure that we are able to provide every company irrespective of its size, access to the power of digital payments. Today we are humbled to have the trust of 8 million partner businesses. While we press onward to innovate, build newer products and simplify the complexity in the existing payment and banking infrastructure for businesses, some things will continue to be the same. We started Razorpay with the central core of “Everything we do, we do for our customer.” And 7 years later I am happy that it still remains the center of what we do.
And this 7th anniversary for us becomes even more special for us as we hit a new milestone. Today I am delighted to announce that we have raised around $375 Million in our Series-F round with a valuation of $7.5 Billion. This Funding round is co-led by Lone Pine Capital, Alkeon Capital and TCV and also saw participation from existing partners like Tiger Global, Sequoia Capital India, GIC and Y Combinator.
With this new round of funding, we will look to strengthen India’s financial infrastructure for small businesses, so that they don’t have to worry about payments, banking or compliance issues. They can focus on what they do best: build their products, bring new ideas to life, create scale, and THRIVE!. We recently launched a slew of new products in line with that vision at FTX’21 including MAGIC Checkout, RazorpayX Tax Payment Suite, and Razorpay RIZE. As we continue to build more and more intelligent technologies, we believe we will radically change how payments and banking are done in nearly every sector of India.
The funds raised will also be deployed to further scale RazorpayX, our neo-banking Platform, and work towards completely revamping the banking experience for businesses. We’re glad to see how RazorpayX is changing the business of banking rapidly and intelligently, powering over 25,000 Indian businesses to manage their money.
With this round, we will also leverage our learnings of having built products for scale in India and foray into building payment solutions for South-east Asian countries. Further, we will look at new acquisitions in the B2B SaaS space, with the aim of providing the highest levels of experience to our customers.
This milestone could not have been possible without the hard work and effort put in by each member of the 2000 strong Razorpay Team. I strongly believe that what makes us so different in the industry is our people and culture, and Shashank & myself are ever grateful to work alongside a dream team like ours. Our core cultural identity and spirit stay central and integral to our business growth, year after year. And it will continue to be our bedrock as we work towards building the central nervous system for Digital India with a bottom-up culture of innovation & customer-obsession.
I would like to take a moment to thank all of our existing and new investors. Your belief and support have always made us stronger. And today, as always, I want to extend my heartfelt gratitude to all our customers and bank partners. The feedback and love that we have got from you are what keeps us going every day and pushes us to do better. In a recent internal All Hands meeting, when we went over some of the biggest wins of the year at Razorpay, from new products to business targets, the loudest cheers from the team were when we showed instances of happy customer reviews and tweets. It reiterated my conviction that we are on the right track.
As we look towards our future and the opportunity Fintech in India holds, we realize that we have only scratched the surface, there is so much more to do and a long way to go towards helping our country and its businesses be economically more inclusive. A very large segment of India is yet to be digitized. As we continue to build for the underserved part of the market and as we bring more and more innovations into the payments and banking space for Indian businesses, we believe that we can rapidly accelerate this digitization. I believe the NEXT payment and banking experience for businesses will be even MORE FRICTIONLESS, MORE CASHLESS, MORE INVISIBLE, and MORE CONNECTED.
We are just getting started!
P.S: As we continue to build this future, we are actively looking out for talented folks to join our team at Razorpay. Do check out the open roles on our Careers Page or feel free to get in touch with us at jobs@razorpay.com.
Onwards and Upwards!
