Salesforce Ventures invests in digital payments firm Razorpay

#Digital Payments, #Razorpay

Representative image.

Razorpay, the digital payments, and business banking platform on September 20 said it has received funding from Salesforce Ventures, the global investment arm of cloud-based software giant Salesforce.

It did not disclose the quantum of investment. Bengaluru-based Razorpay, which was valued at over $3 billion in its last round of funding, said the investment will strengthen its presence in the business banking space.

Harshil Mathur, CEO, and Co-Founder, Razorpay said, “Razorpay wants 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.”

“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.

The company further said that being a leading investor in enterprise software, Salesforce Ventures has the insight and expertise to advise Razorpay on the next stage of its growth journey.

The company added that this fund infusion will accelerate its growth in modernising the financial infrastructure for small businesses and large enterprises by providing automated payment and business banking solutions.

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 Razorpay in their journey to revolutionise digital finance not only in India but globally as well.”

Razorpay had announced its Series E fundraise of $160 million in April this year, which tripled the company’s valuation to $3 billion in less than six months since it became a unicorn (a startup valued at $1 billion). The round was co-led by its existing investors GIC and Sequoia India, and also saw participation from Ribbit Capital, Matrix Partners, and Tiger Global.

In an interview with Moneycontrol in April post the fundraise, Mathur had said that the money will be used 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.

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.

Razorpay has witnessed a 40-45 percent month-on-month growth for the last six months, month-on-month, and has achieved Total Payment Volumes (TPV) of $50 billion. Razorpay’s business-banking platform, RazorpayX has witnessed over 400 percent growth in transaction volume post the pandemic and is serving over 15,000 businesses.

The payment gateway is set to reach 200 million customers by the end of 2021 from 140 million currently and has merchants including Facebook, CRED, Ola, Amazon, Tata Technologies, Zomato, Amul, Swiggy, ICICI Prudential among others on its platform.

Internet Explorer Channel Network
News Related

OTHER NEWS

Shalby Consolidated September 2021 Net Sales at Rs 181.62 crore, up 57.09% Y-o-Y

Reported Consolidated quarterly numbers for Shalby are: Net Sales at Rs 181.62 crore in September 2021 up 57.09% from Rs. 115.62 crore in September 2020. Quarterly Net Profit at Rs. ... Read more »

ORIENTAL AROMAT Consolidated September 2021 Net Sales at Rs 230.47 crore, up 25.37% Y-o-Y

Reported Consolidated quarterly numbers for ORIENTAL AROMATICS Ltd. are: Net Sales at Rs 230.47 crore in September 2021 up 25.37% from Rs. 183.83 crore in September 2020. Quarterly Net Profit ... Read more »

Gati Consolidated September 2021 Net Sales at Rs 399.38 crore, up 16.61% Y-o-Y

Reported Consolidated quarterly numbers for Gati are: Net Sales at Rs 399.38 crore in September 2021 up 16.61% from Rs. 342.50 crore in September 2020. Quarterly Net Profit at Rs. ... Read more »

Ramcoind Consolidated September 2021 Net Sales at Rs 310.10 crore, up 18.61% Y-o-Y

Reported Consolidated quarterly numbers for Ramco Industries are: Net Sales at Rs 310.10 crore in September 2021 up 18.61% from Rs. 261.44 crore in September 2020. Quarterly Net Profit at ... Read more »

Lakshmi Machine Consolidated September 2021 Net Sales at Rs 803.07 crore, up 102.62% Y-o-Y

Reported Consolidated quarterly numbers for Lakshmi Machine Works are: Net Sales at Rs 803.07 crore in September 2021 up 102.62% from Rs. 396.34 crore in September 2020. Quarterly Net Profit ... Read more »

Zensar Tech Consolidated September 2021 Net Sales at Rs 1,050.60 crore, up 7.26% Y-o-Y

Reported Consolidated quarterly numbers for Zensar Technologies are: Net Sales at Rs 1,050.60 crore in September 2021 up 7.26% from Rs. 979.45 crore in September 2020. Quarterly Net Profit at ... Read more »

Siyaram Silk Consolidated September 2021 Net Sales at Rs 480.37 crore, up 176.15% Y-o-Y

Reported Consolidated quarterly numbers for Siyaram Silk Mills are: Net Sales at Rs 480.37 crore in September 2021 up 176.15% from Rs. 173.95 crore in September 2020. Quarterly Net Profit ... Read more »

Birlasoft Consolidated September 2021 Net Sales at Rs 1,011.69 crore, up 17.99% Y-o-Y

Reported Consolidated quarterly numbers for Birlasoft are: Net Sales at Rs 1,011.69 crore in September 2021 up 17.99% from Rs. 857.46 crore in September 2020. Quarterly Net Profit at Rs. ... Read more »

MRPL Consolidated September 2021 Net Sales at Rs 17,716.58 crore, up 187.29% Y-o-Y

Reported Consolidated quarterly numbers for Mangalore Refinery and Petrochemicals are: Net Sales at Rs 17,716.58 crore in September 2021 up 187.29% from Rs. 6,166.88 crore in September 2020. Quarterly Net ... Read more »

Torrent Pharma Consolidated September 2021 Net Sales at Rs 2,137.00 crore, up 5.95% Y-o-Y

Reported Consolidated quarterly numbers for Torrent Pharmaceuticals are: Net Sales at Rs 2,137.00 crore in September 2021 up 5.95% from Rs. 2,017.00 crore in September 2020. Quarterly Net Profit at ... Read more »

Greenlam Ind Consolidated September 2021 Net Sales at Rs 454.17 crore, up 56.98% Y-o-Y

Reported Consolidated quarterly numbers for Greenlam Industries are: Net Sales at Rs 454.17 crore in September 2021 up 56.98% from Rs. 289.31 crore in September 2020. Quarterly Net Profit at ... Read more »

GIL Consolidated September 2021 Net Sales at Rs 422.22 crore, up 87.76% Y-o-Y

Reported Consolidated quarterly numbers for Greenpanel Industries Limited are: Net Sales at Rs 422.22 crore in September 2021 up 87.76% from Rs. 224.88 crore in September 2020. Quarterly Net Profit ... Read more »

Deepak Nitrite Consolidated September 2021 Net Sales at Rs 1,681.35 crore, up 70.29% Y-o-Y

Reported Consolidated quarterly numbers for Deepak Nitrite are: Net Sales at Rs 1,681.35 crore in September 2021 up 70.29% from Rs. 987.34 crore in September 2020. Quarterly Net Profit at ... Read more »

Ambuja Cements Consolidated September 2021 Net Sales at Rs 6,647.13 crore, up 7.74% Y-o-Y

Reported Consolidated quarterly numbers for Ambuja Cements are: Net Sales at Rs 6,647.13 crore in September 2021 up 7.74% from Rs. 6,169.47 crore in September 2020. Quarterly Net Profit at ... Read more »

MT Educare Consolidated September 2021 Net Sales at Rs 16.36 crore, down 53.24% Y-o-Y

Reported Consolidated quarterly numbers for MT Educare are: Net Sales at Rs 16.36 crore in September 2021 down 53.24% from Rs. 34.99 crore in September 2020. Quarterly Net Profit at ... Read more »

Jindal Stainles Consolidated September 2021 Net Sales at Rs 5,026.72 crore, up 51.68% Y-o-Y

Reported Consolidated quarterly numbers for Jindal Stainless are: Net Sales at Rs 5,026.72 crore in September 2021 up 51.68% from Rs. 3,314.13 crore in September 2020. Quarterly Net Profit at ... Read more »

United Spirits Consolidated September 2021 Net Sales at Rs 8,208.80 crore, up 273.81% Y-o-Y

Reported Consolidated quarterly numbers for United Spirits are: Net Sales at Rs 8,208.80 crore in September 2021 up 273.81% from Rs. 2,196.00 crore in September 2020. Quarterly Net Profit at ... Read more »

Mahindra Logistics posts Rs 9 crore profit in Q2 FY22; revenue at Rs 1,019 crore

Representative image Third-party logistics company Mahindra Logistics Ltd (MLL) on October 27 posted its second quarter results for the current financial year. The company has reported a profit after tax (PAT) ... Read more »

Praj Industries Consolidated September 2021 Net Sales at Rs 532.41 crore, up 104.58% Y-o-Y

Reported Consolidated quarterly numbers for Praj Industries are: Net Sales at Rs 532.41 crore in September 2021 up 104.58% from Rs. 260.24 crore in September 2020. Quarterly Net Profit at ... Read more »

Phillips Carbon Consolidated September 2021 Net Sales at Rs 1,067.60 crore, up 60.82% Y-o-Y

Reported Consolidated quarterly numbers for Phillips Carbon Black are: Net Sales at Rs 1,067.60 crore in September 2021 up 60.82% from Rs. 663.86 crore in September 2020. Quarterly Net Profit ... Read more »

Nykaa operator raises Rs 2,396 crore from anchor investors, ahead of IPO

Nykaa and Nykaa Fashion operator FSN E-Commerce Ventures on October 27 has mopped up Rs 2,396 crore from 174 anchor investors ahea of initial public offering. The offer will open for ... Read more »

Graviss Hosp Consolidated September 2021 Net Sales at Rs 11.32 crore, up 4616.67% Y-o-Y

Reported Consolidated quarterly numbers for Graviss Hospitality are: Net Sales at Rs 11.32 crore in September 2021 up 4616.67% from Rs. 0.24 crore in September 2020. Quarterly Net Loss at ... Read more »

Sunil Health Consolidated September 2021 Net Sales at Rs 29.19 crore, up 27.73% Y-o-Y

Reported Consolidated quarterly numbers for Sunil Healthcare are: Net Sales at Rs 29.19 crore in September 2021 up 27.73% from Rs. 22.85 crore in September 2020. Quarterly Net Profit at ... Read more »

John Lewis pulls 'potentially misleading' home insurance advert

The high-end department store chain's advert, called Let Life Happen, had depicted a young boy wearing his mother's lipstick and girls' clothes as he strutted around the house to a song by Stevie Nicks. Read more »

Zensar Tech Standalone September 2021 Net Sales at Rs 401.80 crore, up 19.31% Y-o-Y

Reported Standalone quarterly numbers for Zensar Technologies are: Net Sales at Rs 401.80 crore in September 2021 up 19.31% from Rs. 336.76 crore in September 2020. Quarterly Net Profit at ... Read more »

Century Enka Standalone September 2021 Net Sales at Rs 536.96 crore, up 94.92% Y-o-Y

Reported Standalone quarterly numbers for Century Enka are: Net Sales at Rs 536.96 crore in September 2021 up 94.92% from Rs. 275.48 crore in September 2020. Quarterly Net Profit at ... Read more »

Datamatics Glob Standalone September 2021 Net Sales at Rs 146.72 crore, up 54.75% Y-o-Y

Reported Standalone quarterly numbers for Datamatics Global Services are: Net Sales at Rs 146.72 crore in September 2021 up 54.75% from Rs. 94.81 crore in September 2020. Quarterly Net Profit ... Read more »

Baba Arts Standalone September 2021 Net Sales at Rs 1.19 crore, down 79.18% Y-o-Y

Reported Standalone quarterly numbers for Baba Arts are: Net Sales at Rs 1.19 crore in September 2021 down 79.18% from Rs. 5.71 crore in September 2020. Quarterly Net Profit at ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic