Bengaluru-based fintech startup Razorpay has entered the unicorn club amidst the coronavirus pandemic. The payments startup announced that it had raised $100 million in Series D funding, in a round co-led by GIC, Singapore’s sovereign wealth fund, and Sequoia Capital India.
Existing investors Y Combinator, Matrix Partners India, Tiger Global, and Ribbit Capital also participated in the round. With this funding, Razorpay hopes to further grow its product lines – the neobanking platform Razorpay, and its lending arm – Razorpay Capital, an initiative to empower SMEs. It is also looking to hire additional 500 employees by FY’21.
A press statement shared by the company said, the new funding gives Razorpay $206.5 million in investments since its inception in 2014, which includes its recent fundraise of $75 million in Series C in 2019.