Razorpay, a Bengaluru-based Fintech startup and business banking platform, on September 20, said it had received a strategic investment from Salesforce Ventures, the global investment arm of cloud-based software giant Salesforce.
However, the company refrained from disclosing the quantum of the funding amount. Sequoia Capital India-Backed Startup Razorpay was valued at over $3 billion in its last round of funding. A statement released by the company said that the investment would strengthen its presence in the business banking space.
Harshil Mathur, CEO, and Co-Founder, Razorpay, said, “We want to make further strides on the idea of investing in India’s digital future and building an intelligent payment and banking infrastructure for the new world. We are delighted to associate with Salesforce Ventures and Salesforce more broadly in India.”
The company added that this fund infusion would accelerate its growth in modernizing the financial infrastructure for small businesses and large enterprises by providing automated payment and business banking solutions.
“I am certain that this investment, along with support from our existing investors, will help build an ecosystem for hassle-free, easy-to-integrate payments and banking experience. We also hope to expand, build new products and deliver this experience to businesses in South East Asian countries, too,” Mathur added.
Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has expanded from being a payment gateway to launching its neo banking platform RazorpayX and an SME lending arm Razorpay Capital.
After a funding round in April this year, the company announced that it would use the funding to take its digital payments offering to South East Asia, make acquisitions, and build out its neo-banking platform, with plans to hire over 600 employees.
Salesforce India’s Chairperson and CEO Arundhati Bhattacharya, who previously served as the Chairperson to India’s largest bank State Bank of India (SBI), said, “The rapid growth in digital payments over the last year has opened doors for technology innovation and Razorpay has been emerging as the company of choice for a lot of e-commerce businesses. We are excited to support them in their journey.”