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Sequoia co-leads $75m Series C for India's Razorpay

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Sequoia Capital and Ribbit Capital, a Silicon Valley-based VC firm focused on financial technology, have co-led a $75 million Series C round for Indian online payment gateway Razorpay.

Razorpay launched in 2015 to provide small businesses, online merchants, and schools with a secure and affordable way to accept online payments. The service integrates with clients' existing technology offerings and allows the use of credit and debit cards, checking accounts, and a variety of online wallets.

In addition to its payments service, Razorpay now offers a range of online financial services aimed at start-ups, including lending and banking. The new capital will be used to expand the non-payment side of the business, which Razorpay hopes to grow to 40% of revenue in the next two years. The company will also work on adding more merchants to the platform.

Existing investors Tiger Global and Y Combinator, which co-led Razorpay's Series B round last year, participated in the new funding round as well. Tiger also led the company's $9 million Series A round in 2015 with participation by Matrix Partners.

Ribbit was founded in 2012 to back start-ups bringing innovative technological approaches to the financial services industry. Its Asia portfolio includes Capital Float, an Indian online lending platform for small and medium-sized enterprises, and Korean financial technology start-up Viva Republica.

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