Razorpay believes this investment and partnership will make an impactful contribution to the industry and drive adoption and financial growth for underserved small businesses in the next twelve months.
To further strengthen its presence in the business banking space, Razorpay, one of India’s fastest growing payments and business banking platforms, today announced a strategic investment by Salesforce Ventures. Razorpay believes this investment and partnership will make an impactful contribution to the industry and drive adoption and financial growth for underserved small businesses in the next twelve months.
The company recently announced its Series E fundraise of $160 Million in April, with which the company’s valuation tripled to $3 Billion in less than six months, signalling one of the fastest increases in valuation for an Indian Unicorn. Over the last seven years, Razorpay has helped small businesses and large enterprises modernise their financial infrastructure by providing intelligent automated payment and business banking solutions to manage their money flow end-to-end. This new infusion of funds will accelerate this growth.
Confident about making a larger dent in FinTech globally, Harshil Mathur, CEO and Co-Founder, Razorpay said, “We are going through one of the largest transformations in the Indian financial industry, one that is significantly influencing the payments and banking experience now and for the years to come. At Razorpay, we want to make further strides on the idea of investing in India’s digital future and building an intelligent payment and banking infrastructure for the new-world. We are delighted to associate with Salesforce Ventures and Salesforce more broadly in India.”
He added, “I am certain that this investment, along with support from our existing investors will help build an ecosystem for a hassle-free, easy-to-integrate payments and banking experience. We also hope to expand, build new products and deliver this experience to businesses in South East Asian countries too.”
Salesforce Ventures is a leading investor in enterprise software and as one of the fastest-growing enterprise companies, has the insight and expertise to advise Razorpay on the next stage of its growth journey.
“The journey towards a ‘less-cash’ economy has been accelerated with the pandemic. The rapid growth in digital payments over the last year has opened doors for technology innovation and Razorpay has been emerging as the company of choice for a lot of e-commerce businesses. We are excited to support Razorpay in their journey to revolutionise digital finance not only in India, but globally as well.” said Arundhati Bhattacharya, Chairperson and CEO, Salesforce India.
In the last six months, Razorpay has witnessed a 40-45% growth, month-on-month. Currently, the company has achieved $50 Bn TPV (Total Payment Volume) and aims to further solidify its position as one of the largest full-stack fintech companies in the country. Razorpay’s business-banking platform, RazorpayX is changing the business of banking rapidly and intelligently. The platform saw over 400% growth in transaction volume during these 16+ months of pandemic and is currently serving over 15,000 Indian businesses.
Razorpay’s experience in building innovation for a market as diverse as India, can solve a range of Fintech challenges in the SEA markets. The company believes that the payment problem is more dominant in developing countries than developed countries.
Razorpay is powering payments for over 8Mn businesses currently, including the likes of Facebook, Cred, Ola, NPS, Amazon, Tata Technologies, Zomato, Amul, Swiggy, ICICI Prudential among others and is all set to reach 200 million customers (from the current 140 million) by the end of this year.
Source: Business World