India’s first converged payments solution company, Razorpay, on Monday announced its Series B funding round of $20 million, led by Tiger Global along with Y Combinator and Matrix Partners.
With this infusion, the total funding that the company has received has gone up to $31.5 million.
Earlier, the company had raised $11.5 million in their Series A round from the same investors along with 33 angel investors, and a strategic investment by MasterCard in 2016.
Aiming to revolutionise digital payments for businesses, the Company will use the funds for its next phase of growth by scaling products launched as part of Razorpay 2.0 and enhance its technological capabilities and offerings.
The funds will also be utilised towards expanding the product portfolio into new verticals, building new experiences through cutting edge data science and expansion of team to meet market demands.
Harshil Mathur, CEO & Co-Founder of Razorpay said, “We are elated to see our marquee investors reinstating their faith in Razorpay and our vision. The results that we have managed to achieve demonstrate the growth of India focused SAAS market and its increasing maturity. The idea we are promoting with Razorpay is that there will be one comprehensive and innovative product that will manage the entire money movement for India’s huge underserved business community.”
In 2015, Razorpay became the second Indian company to be included in the Y Combinator accelerator program.
Meanwhile, Anu Hariharan, Partner at Y Combinator's Continuity Fund said, “We are excited to participate in Razorpay's Series B round. The company’s vision and execution over the last 3 years has shown tremendous results, especially for an India focused SAAS company. With the online and digital payment space going through a massive transformation in India, their business is only going to grow further. There is now an inherent need for better systems, process and infrastructure in place and we are confident that Razorpay is perfectly suited to make the most of the changing landscape.”