“Fintech startup Razorpay is in talks with its existing investor Singapore’s sovereign investment fund GIC and others to raise US$150 million to US$200 million in a financing round that could see its valuation nearly double to US$2 billion in less than six months,” reported The Economic Times, citing three people familiar with the matter.
Razorpay’s existing investors Tiger Global and Sequoia Capital will likely participate in the financing round.
The fresh funding may be used for the expansion of its payments platform. It will also focus on developing its technology in fraud analytics and other security features.
In October 2020, the fintech company joined the unicorn squad after raising US$100 million in a new round co-led by GIC and Sequoia India.
The fundraising comes after digital transactions in India skyrocketed as a result of the pandemic, triggering a shift in consumer patterns toward online payments.