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Razorpay raises $75 million from Sequoia Capital, others

It has raised $31.5 million in Series A (2016) and Series B (2018) rounds, along with 33 angel investors and a strategic investment by MasterCard.

How millions of 'dirty dollars' were laundered out of Venezuela Razorpay X is a product suite which is used for accepting payments, managing cash flows and reconciling transactions and providing flexible payouts.

Payments solution firm Razorpay Tuesday announced its Series C funding of $75 million, led by Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator. It has raised $31.5 million in Series A (2016) and Series B (2018) rounds, along with 33 angel investors and a strategic investment by MasterCard.

Razorpay said a large portion of the funds will be used to develop new technologies and scale up its recently expanded product suite, Razorpay X and Razorpay Capital. The company expects its neo-banking platform (Razorpay X) and lending arm (Razorpay Capital), along with the non-payment gateway suite to contribute to 40 per cent of its revenue by next year.

Razorpay X is a product suite which is used for accepting payments, managing cash flows and reconciling transactions and providing flexible payouts.

The product, which is still in beta stage and has about 1,500 merchants using it, is expected to go live in a month. —FE

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First published on: 19-06-2019 at 03:50:32 am
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