Payments solution provider Razorpay is reportedly in talks with the American venture capital firm Sequoia Capital and others to raise around $75-$100 million, a media report said.
Following the fundraiser, Razorpay will be valued at about $425-$450 million, according to a report in The Times of India. The Bengaluru-based company’s existing investors Y Combinator, Tiger Global, Matrix Partners India and Apoletto Managers are likely to participate in the latest round of the fundraising, the newspaper said.
Last month, in a list published by CB Insights. A firm that tracks startups globally, Razorpay was listed in the top 50 private companies in the world that are on the path to a $1 billion valuation. Razorpay is one among five Indian companies that made it to this prestigious list.
Over the last 4 years, Razorpay has witnessed tremendous growth, both, in terms of market share and mind space, with customers and industry peers.
The company currently powers digital payments for more than 2,00,000 small and large businesses; over 60 per cent of businesses use more than one product. They have clocked in a healthy growth rate of 15-20 per cent month-on-month and are geared up to increase their merchant count to 3,00,000 by 2019.
In January 2018, Razorpay raised $20 million in funding led by Tiger Global and Y Combinator. The series B round also saw participation from Matrix Partners.