Razorpay is the latest to join the unicorn club in India after raising $100 million in a funding round led by Singapore sovereign wealth fund GIC.
The Bangalore, India-based fintech company has a new valuation just north of $1 billion after its Series D funding round. Other investors in the online banking company include venture capital firm Sequoia, which co-led the investment with GIC, as well as previous funders Ribbit Capital, Tiger Global, Y-Combinator, and Matrix Partners, Razorpay co-founder Shashank Kumar said in a blog post Monday.
“This funding is just a pit stop to refuel while we strengthen our commitment of simplifying the entire money flow so that our partner businesses can focus more on disrupting the Indian economy with their new ideas, new products, and new experiences, every day,” Kumar wrote.
“There is a long journey ahead of us and we are more energized than ever to build the financial ecosystem for disruptors,” he added.
Razorpay is hoping as the first operational online banking unicorn in India will push it to the top of the country’s fast-growing online payments sector, which the startup said still counts for just 3% of the Indian economy.