Tiger co-leads $20m Series B for India's Razorpay

Matrix Partners also participated in the round, according to a blog post. All three investors have previously backed Razorpay: Tiger and Matrix invested $9 million in its 2015 Series A round, and Y Combinator participated, along with Matrix and a group of angel investors, in the $2.5 million seed round earlier that year.

Razorpay will use the new capital to expand into new markets and verticals, expand the team and scale up its existing products and technology. The company helps businesses process online payments through a number of channels, including credit cards, internet banking and digital wallets.

Currently Razorpay aims to build its customer base beyond online commerce through active outreach to conventionally cash-reliant industries such as logistics, travel, consumer electronics, financial services and education. The company has launched several products aimed at these customers, including Razorpay Route, which helps education and retail businesses manage financial distributions, and Smart Collect, which helps landlords manage rent collection.

In addition to its VC backers, Razorpay is also supported by Mastercard, which added the company to its Mastercard Start Path e-commerce and fintech accelerator in 2015 and invested an undisclosed amount in 2016.

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• Topics
• South Asia
• Technology
• Financials
• Early-stage
• India
• TMT
• Financial Services
• Tiger Global Management
• Matrix Partners