The company was last valued at $3B in April 2021. Here are the top-line bullets you need to know.
Razorpay, a payments solution, has raised $375M in a Series F round that drew participation from Tiger Global Management, Sequoia Capital India, Y Combinator, and Alkeon Capital Management, among others.
How’s the company performing?
- India-based Razorpay enables businesses to accept, process, and disburse payments.
- It has recently launched a tax payments product suite.
- Almost 25K businesses have subscribed to the company’s neo-banking arm, RazorpayX.
- Razorpay claims to process $60B worth of payments on an annual basis. It expects to increase this figure to $90B by the end of 2022.
- The company has over 8M clients, including Facebook, the National Pension System, Swiggy, Cred, and Indian Oil.
Source: Razorpay
Why does the market matter?
- The global digital payment market is expected to reach a value of $236.1B by 2028, growing at a CAGR of 19.4%, according to Grand View Research.
- The increasing adoption of e-commerce has caused digital transaction volume to rise, boosting market growth. Moreover, increased investment by banks to enhance digital payment infrastructures and compete with major players like Google, Amazon, and Facebook has further contributed to this expansion.
- Covid-19 has accelerated the adoption of contactless wallet payment services across sectors, driving up the demand for solutions to accept these new payment methods.
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