Razorpay has raised $160 mn at a $3 bn valuation, up from $1 bn in Series D in October last year. The new round was led by existing investors Singapore’s sovereign wealth fund — GIC — and Sequoia Capital India and saw the participation of Ribbit Capital. The fintech startup, to date, has raised funds to the tune of $366.5 mn. Razorpay accepts, processes and disbursed funds online for businesses.
Razorpay to increase its existing 1300 members team by nearly 50% in the next 10 months. Of the 650 new positions, 350 will be hired in engineering and product teams and remaining will be added to customer experience, sales and marketing departments. The fintech unicorn, last year, has 550 people. Razor has also created cross-functional growth opportunities for people, who will be WFH for the next few months, as well.
Razorpay – a Bangalore-based fintech startup – has now made it to the coveted unicorn club. The startup has raised $100M in Series D financing round led by Singapore’s sovereign wealth fund GIC and Sequoia India. The new round values the startup at over $1B. Existing investors Ribbit Capital, Tiger Global, Y Combinator, Matrix Partners also participated in the round, bringing Razorpay’s to-date raise to $206.5M.
Google is deferring the enforcement of its new Play Store billing policy in India (only) to April 22, earlier going live on Sept 21. This news comes at a time when Indian startups including Paytm, Razorpay, Dream11, ShareChat raised concerns over the 30% Play Store commission on payments. More than 50 Indian executives held a meeting with MeitY on Saturday. Google said it is setting up listening sessions with Indian startups to understand their concerns deeply.
B2B start-ups PhonePe (360), Signzy (60), Rapid Delivery (500), Razorpay (100), Cashfree (70), Simplilearn, Instamojo have nearly 1500 job openings in product development, business operations, technology, analytics, sales, marketing. Packages start at Rs 10 LPA, and go up to Rs 40-50 lakh. Conversely, Oyo, Curefit, Swiggy, Bounce have fired hundreds of employees. COVID-19 induced lockdown didn’t hurt B2B start-ups as much as it did to the consumer startups.