Razorpay gets a big boost investment as Salesforce Ventures invests in the digital payments, and business banking platform.
It was not disclosed how much investment Salesforce has put into Bengaluru-based Razorpay but reports indicate that the deal values the digital payments startup at over $3 billion.
Sequoia Capital India-backed startup said the deal will “make an impactful contribution to the industry and drive adoption and financial growth for under-served small businesses in the next twelve months.”
Salesforce India’s Chairperson and CEO Arundhati Bhattacharya, said, “ We are excited to support Razorpay in their journey to revolutionise digital finance not only in India but globally as well.”
Harshil Mathur, co-founder and chief executive of Razorpay stated, "We also hope to expand, build new products and deliver this experience to businesses in South East Asian countries too."
The Indian startup, which became a unicorn a year ago, said it has witnessed a 40-45% month-on-month growth in recent months. Razorpay accepts, processes and disburses money online for small businesses and enterprises, has also launched a neobanking platform to issue corporate credit cards, and offers businesses working capital.