Razorpay has just raised $75 million and is looking to hire 350 new people

• Payments startup Razorpay raised investment from Sequoia India, Ribbit Capital, Tiger Global and Y Combinator.
• The startup claims to have grown by 500% last year and wants its total headcount to hit 700 by 2020 from its current number of 350.
• Recently, the startup had launched payments solution in 100 currencies to help Indian MSMEs work with global businesses.

Payments solutions startup Razorpay raised $75 million in a series C round of funding from marquee investors like Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator.

With the new investment, Razorpay plans to hire senior employees and take its total number of employees to 700 by 2020 from the current strength of 350.

The 5-year old startup founded by IIT alums Harshil Mathur and Shashank Kumar has been growing its business rapidly and claims to have grown by 500% in the last financial year.

“Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems. Over 350,000 disruptors partnered with us to create the difference that we are here to make. This funding has come in at a time when fintech and banking is evolving beyond payments and lending, and we would like to change the way businesses access banking products,” said Harshil Mathur, CEO and Co-Founder, Razorpay.

It is poised for more growth. The company said that its neo-banking platform and lending arm could alone contribute to 40% of its revenue by next year.

In early June, the startup offered digital payment support for 100 currencies enabling Indian businesses to transact and accept payment from global companies. It has Indian Railways Catering and Tourism Corporation, Airtel, BookMyShow, Zomato, Swiggy as its clients.

Interestingly, Razorpay was also one of the first startups to announce Employee Stock Options. According to reports, 140 employees had used their stock options in the company to cash in money from investment firm Tiger Global in November 2018.

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