Bangalore-headquartered online payments startup Razorpay is in advanced discussions with Silicon Valley-based venture capital firm Sequoia Capital to raise $75-100 million in new funding, The Times of India reported citing two people aware of the development.
If the funding happens then it will value Razorpay at about $425-$450. Sequoia is expected to lead the fundraise.
Founded in 2014 by IIT Roorkee alumni Shashank Kumar and Harshil Mathur, Razorpay was based out of Jaipur in its earlier days and later moved its headquarter to Bangalore. The startup was part of the winter batch of Y Combinator’s startup program in 2015.
Razorpay counts Tiger Global, Matrix Partners India and Apoletto Managers, the private investment arm of Russian billionaire Yuri Milner’s DST Global, among its investors. These investors, too, are likely to participate in the latest funding round, the ToI report said.
According to an another report — in November — Tiger Global had acquired shares from 140 employees of Razorpay who had cashed in their company-issued stock options aka ESOPs.
So far, Razorpay has raised a total of $31.6 million in funding over 4 rounds. It last raised funds of $20 million in January, 2018, which was from Y Combinator, Tiger Global and Matrix Partners.
Razorpay competes with PayUMoney, Instamojo as well as PayTM.
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