New Delhi: Reservoir raised D 375 million (approximately Rs 2,850 crore) from the new fund, valued at 7. 7.5 billion from Lone Pine Capital and others, more than doubling from the last fund round of Fintech Major in April this year, its co-founder and CEO said. Harshil Mathur said. Speaking to PTI, Mathur said the Series F round was co-led by Lone Pine Capital, Alkyon Capital and TCV and also saw the participation of existing investors like Tiger Global, Sequoia Capital India, GIC and Y Combinator. “With this round of funding, our valuation has grown to USD 7.5 billion – the fastest growth in valuation for Indian unicorns in one year. The reserve was worth USD 1 billion in October last year and USD 3 billion in April this year, ”he added.
With the Series F round, Razorpay has raised a total investment of USD 741.5 million since its inception in 2014. The latest infusion will be used to further enhance Razorpay’s business banking suite, RazorpayX, and offer new banking solutions in 2022 that will help businesses. Focus less on compliance and operations management. The full-stack financial solutions company plans to invest in the acquisition in 2022 and expand its presence across Southeast Asian countries. It plans to hire more than 600 staff to accelerate growth plans in India and abroad.
“While these newly added funds will be used in multiple cases, the most important will be to invest in creating intelligent technologies that will make small business life easier by giving them a fundamentally different experience and reducing complexity.” We want them to spend less time on compliance and operations and more time on creating new products, new ideas and thought scales, ”said Mathur. Unconventional businesses and digital India continue to build the central nervous system.
Talking about international expansion, Mathur said geographers like Southeast Asian (SEA) countries face similar payment problems as India, and Razorpay would like to take advantage of its leadership in creating intelligent payment products and learning in mature markets like SEA countries. Also, Razorpay plans to raise funds to double the acquisition of B2B SaaS companies, which could help boost operations while delivering the highest quality of customer experience in the country. “Razorpay is ready to build a larger dent in the fintech universe and with new acquisitions and partnerships we will be able to build an A-class financial services infrastructure for Indian businesses,” said Mathur.
Mathur highlights that of the 42 companies that were crowned as Unicorns in 2021, RezarPay has the power to pay for 34 of them. Razorpay TPV (Total Payment Volume) achieved USD 60 billion at the beginning of December 2021 and set a target of USD 90 billion TPV by the end of 2022. “We have grown by more than 300 per cent for the second year in a row. We are looking at achieving break-even overall levels in 2-2.5 years and looking at IPO routes in 2.5-3 years,” he added.
Razorpay currently pays for more than 8 million businesses like Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System, Indian Oil and aims to reach 10 million businesses by 2022.
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