Insta
Bengaluru Based Razorpay Joins The Unicorn Club; Fifth Indian Fintech Major To Reach The Milestone
Razorpay
Indian payments gateway major Razorpay has emerged into the latest unicorn, becoming the fifth Indian fintech startup to have joined the club after BillDesk, Flipkart-owned PhonePe, PolicyBazaar and PayTM, reports Livemint.
Razorpay has raised a total of $100 million in the latest round led by Singaporean sovereign wealth fund GIC and existing investor Sequoia India, taking the total sum raised since 2014 to $206.5 million.
Employing a total of 1,300 people, Bengaluru based Razorpay is likely to use the funds to launch products under its neo-banking business Razorpay X and lending business Razorpay Capital. The company looks to double the growth of these ventures in the coming year. Both the businesses were launched in 2018.
It will also be hiring 500 people across functions of growth, product and technology. The company believes that these new businesses will generate 35 per cent of its revenues in the next year. The company also plans to expand into South Asian markets, though the plans are on hold for now due to COVID-19 pandemic.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
