Razorpay

Razorpay is an India-based, fintech company that provides payment gateway services to vendors, merchants and ecommerce platforms. It is an online system that is designed to handle end-to-end payments that can also be integrated with different websites and apps. The company was founded by IIT Roorkee alumni Shashank Kumar and Harshil Mathur in 2014. It is headquartered in Bangalore, India.
== History ==
In 2014, Shashank Kumar and Harshil Mathur met in IIT Roorkee when the duo decided to work on a crowdfunding platform. However, they realized that online payment was a problem for SMBs and SMEs, especially the ecommerce companies. Therefore, they formed Razorpay to solve this problem. The idea of Razorpay was to bring a payment gateway for startups who can easily integrate this system on their websites.
In 2020, due to the pandemic, many small businesses suffered a huge loss and cash flow was also highly affected. To solve this problem, Razorpay announced Cash Advance, a collateral free line of credit for rescuing MSMEs from uncertain conditions. Shashank Kumar said in an interview that this service was supposed to help their partner businesses to come out of the crisis and help them in these unpredictable times. As per a report by Business Standard, Razorpay and National Payments Corporation of India|National Payment Corporation of India (NPCI) partnered to launch a recurring payment system called UPI Autopay. It made payment easier for consumers and helped them take more control over it. Prior to this, debit card was the only mode of automated payments but the experience was not quite good. Razorpay was ranked at 6th position in LinkedIn’s top 10 Startups list.
In 2021, Razorpay and Mastercard joined hands to provide digital payment support to MSMEs. Both companies made a strategic partnership in which Mastercard’s digital banking solutions were combined with Razorpay’s payment capabilities. The partnership is supposed to help micro, small and medium businesses to keep their operations running through digitization and preparing them for the future beyond cash. 
== Funding ==
In 2015, Razorpay participated in Y Combinator W15 cohort where they received a funding of $120,000 and a 3-month accelerated support and mentoring from Y Combinators mentors and investors. After this they received a seed funding of $2.6 million in funding in Y Combinator’s seed funding round on March 23, 2015. The investors who contributed for the total investments included Soma Capital, Matrix Partners India, Tikhon Bernstam, Sandeep Tandon, Rohit Bansal, Ram Shriram, Punit Soni, Naveen Tewari, and Michael Sutcliff. Razorpay also completed their Series A funding in the same year on October 27, 2015 with a total of $9 million from Tiger Global Management and Matrix Partners India.
In 2016, they completed the venture funding round with a total of $100,00 in funding from Mastercard. Following that, Razorpay picked up the Series B funding worth $20 million from Y-Combinator, Matrix Partners, and Tiger Global Management.
On June 18, 2019 Razorpay raised $75 million in Series C funding round from Sequoia Capital|Sequoia Capital India, Ribbit Capital, Y-Combinator and Tiger Management Global.
In 2020, Razorpay completed their Series D funding and successfully became a unicorn that raised $100 million funding. The investment round was led by GIC (Singaporean sovereign wealth fund)|GIC and Sequoia India, along with Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners.
After becoming a unicorn, Razorpay completed the Series E funding round and raised $160 million, in April 2021, that was co-led by Sequoia Capital India and GIC. 
== Acquisitions ==
* Acquired ThirdWatch in 2019, an AI-powered company that specializes in big data to reduce return-to-origin and fraud orders for e-commerce businesses.
* Acquired Opfin (RazorpayX) in 2019, a payroll management firm.
* Acquired TERA Finlabs in 2021, an AI-based risk tech SaaS platform.
 
Category:Indian companies established in 2014
Category:Payment service providers