Razorpay raises Rs 127 crore in Series B funding

Online payments solution company, Razorpay,  on Monday said it raised  $20 million (Rs 127 crore) in Series B, led by Tiger Global and Y Combinator, along with participation from Matrix Partners.

With this round, the total funding of the company touches  $31.5 million. The company had previously raised $11.5 million in their Series A round from the same marquee investors along with 33 angel investors, and a strategic investment by MasterCard in 2016.  

"We are elated to see our marquee investors reinstating their faith in Razorpay and our vision," said Harshil Mathur, CEO & Co-Founder of Razorpay.

The company will use the funds for its next phase of growth by scaling products launched as part of Razorpay 2.0 and bolster its technological capabilities and offerings, a company release said.

The funds will also be utilised towards expanding the product portfolio into new verticals, building new experiences through cutting edge data science and expansion of team to meet market demands.