Bengaluru Based Razorpay Joins The Unicorn Club; Fifth Indian Fintech Major To Reach The Milestone

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.