The investment has been made in order to facilitate Razorpay’s next phase of growth in the booming digital payments industry of India as the fintech firm plans to invests bulk of capital.
The sources revealed that as part of this investment, Razorpay Inc has picked up 21,94,055 equity shares at a price of INR 593.22 per share.
Co-founded by Harshil Mathur and Shashank Kumar in 2013, RazorPay has recently introduced four new products in the Indian market to boost its revenues. These products lies in the areas of recurring payments, automation of bank transfers like NEFT, and invoice management.
The B2B fintech startup Razorpay claims to have clocked in a growth rate of 15-20% month-on-month on the merchant count and is geared up to increase this to 450K this year.
Razorpay claims to have grown 500% in the last year.
Furthermore, according to a NASSCOM report, the Indian fintech market is poised to reach $2.4 billion by 2020 growing at a five-year CAGR of 22%. A 2018 YES Bank report also highlights that B2B fintech startups expect significant growth in their enterprise clientele in the coming financial year.