Razorpay, the Indian digital payments platform is the sixth company in 2020 after Pinelabs, Zerodha, Postman, Unacademy and Nykaa to enter the Unicorn Club, companies with value over a billion dollars. The business-focused payment gateway and neo banking platform Razorpay has raised $100 million in a Series D funding round led by Singapore-based GIC and existing backer Sequoia Capital.
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The platforms existing investors includes Ribbit Capital, Tiger Global Management, Y Combinator and Matrix Partners India. The co-founder messaged that the funding comes with the milestone of entering unicorn club of India. Razorpay is the fourth payments space after Paytm, Billdesk, PineLabs to enter the unicorn club. The company had raised $75 million by Ribbit Capital in last June year at a valuation of nearly $450 million. Razorpay was found by IIT ians Harshil Mathur and Kumar in 2014. Six-year-old Razorpay offers payments and other financial infrastructure to help businesses manage money flow. Bulk of the Bengaluru-based company’s revenue comes from online payment gateway. Facebook, Google, Jio, Zerodha, OkCredit and Hotstar, and few others are its major clients.
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Razorpay offers loans in the range of Rs 50,000 to Rs 10 lakh without any paperwork and aims to disburse a total credit worth Rs 100 crore by the end of this year through its recent credit line ‘Cash Advance’ for business through third-party lenders. In the neobanking segment the competitor is Open, which had last secured a $30 million worth Series B round led by Tiger Global and Tanglin Venture Partners in June 2019.
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