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Indian fintech Razorpay joins Unicorn club with $100 million funding

Indian fintech Razorpay joins Unicorn club with $100 million funding

Indian payments processor Razorpay has joined the Unicorn ranks after raising $100 million in Series D financing.

The funding round was co-led by Singapore’s sovereign wealth fund, GIC, and Sequoia, with participation from existing investors Ribbit Capital, Tiger Global, Y-Combinator and Matrix Partners.

The six-year old company provides businesses with the ability to accept payments across multiple channels, incorporating over 100 payment instruments. Customers include the likes of Facebook, Google and Wikipedia.

Razorpay is currently riding the Coronavirus wave as more businesses switch to digital payments and move online during the pandemic. The company says that two out of three businesses onboarding on Razorpay are accepting digital payments for the first time.

In a blog post, the firm states: "With Covid causing a potential paradigm shift in the way commerce happens in the country, we are seeing multiple new demographics of businesses looking to move online and start leveraging internet and mobile technology."

Razorpay's ultimate aim is to become a singular hub for all financial operations following the successful roll-out last year of RazorpayX, a neobanking product which has served over 10,000 businesses - processing their payroll through Opfin, paying for expenses through corporate card and paying their vendors in real time. The company has also introduced credit lines for cash-strapped businesses, doling out loans to 5000 companies through relationships with banking partners.

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