Payments Startup Razorpay’s Valuation Trebles In Six Months To $3 Billion; Raises Funds From Sequoia, GIC

Unicorn fintech and payments startup Razorpay has raised $160 million in a round led by Sequoia India and Singapore based GIC, trebling its valuation to a whopping $3 billion in less than six months, reports Economic Times.

The company had last raised $100 million at a billion-dollar valuation last year in October in a round that was also co-led by Sequoia India and GIC. Thus, the surge in its valuation to $3 billion in a matter of six months makes the company one of the fastest ones to see such a meteoric rise.

The company plans to use the funds to fuel expansion in South East Asian markets like Malaysia, Indonesia and Singapore. It offers payments, lending, and banking solutions for merchants and enterprises. Its clients include the likes of Swiggy, Zomato, Facebook, ICICI Prudential, Ola Cred.

Meanwhile, it should be noted though that other Indian fintech startups like Cred, Pine Labs, and Groww have also witnessed a rapid and significant surge in their valuations in their recent fundraising rounds.

It should be noted that GIS is the Singaporean sovereign wealth fund.