This brings the company’s total funds raised to date to US$11.5 million.
As per an official statement, Razorpay earlier raised US$2.5 million in seed funding from a slew of investors including Matrix Partners, Y Combinator, Jeff Huber (SVP, Google X), Bill Gajda (SVP, Visa Inc Strategic Partnerships and Innovation), and Punit Soni (Flipkart Chief Product Officer).
Razorpay will use the funds to accelerate growth.
Started in 2014 by Indian Institute of Technology Roorkee alumni Shashank Kumar and Harshil Mathur, Razorpay offers online payment solutions to small businesses, startups, schools, colleges and training centres. It accepts and validates payments in real-time via credit and debit cards, Internet banking and digital wallets.
“We are building the next-generation payments infrastructure, which will accelerate the e-commerce growth in India. Our patented technology will greatly help in achieving higher transaction success rates and faster checkout times, especially on mobile devices, while making payment gateway integration as easy as embedding a few lines of code. The funding raised will help us accelerate the company’s robust growth and future success,” said Kumar.
Update: The article has been updated for some factual errors
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