Harsil Mathur, CEO and co-founder of Razorpay

Highlights

  • Strategic investment will help Razorpay expand services into Southeast Asia market, said Harsil Mathur
  • Arundhati Bhattacharya, Managing Director of Salesforce India and former Chairman of State Bank of India, is expected to play a key role in advising Razorpay in its next stage of growth
  • According to Razorpay, the company has grown 40 to 50 percent monthly over the past six months, processing payments worth $ 50 billion annually.

New Delhi: Salesforce Ventures, the investment arm of US tech firm Salesforce, has invested an undisclosed amount in digital payment firm Razorpay. The strategic investment will help Razorpay expand its services into the Southeast Asian market, Harsil Mathur, chief executive and co-founder of the Bengaluru-based startup, said in a statement.

“I am confident that this investment, along with the support of our existing investors, will help create an ecosystem for a hassle-free, easy-to-integrate payment and banking experience. We also hope to grow, create new products and offer this experience to companies in Southeast Asian countries as well, ”Mathur added.

Arundhati Bhattacharya, chief executive of Salesforce India and former chairman of State Bank of India, is expected to play a key role in advising Razorpay in its next stage of growth, the company added.

“The journey towards a less monetary economy has accelerated with the pandemic (Covid-19). The rapid growth of digital payments over the past year has opened doors for technological innovation and Razorpay has become the company of choice for many e-commerce companies, ”said Bhattacharya, President and CEO of Salesforce India.

It is worth mentioning here that India’s digital economy and FinTech sector have experienced accelerated growth over the past 18 months amid the disruptions created by Covid-19 as businesses and customers opt for them. digital payments.

According to Razorpay, the company has grown 40 to 50 percent monthly over the past six months, processing payments worth $ 50 billion annually. Its neo-banking platform RazorpayX, for its part, saw its transaction volume increase by more than 400%.

Razorpay currently powers payments for over 8 million businesses, including Facebook, Cred, Ola, NPS, Amazon, Tata Technologies, Zomato, Amul, Swiggy, ICICI Prudential, among others, and is expected to reach 200 million customers (currently 140 million) by the end of this year.

Salesforce Ventures is a leading investor in enterprise software and, as one of the fastest growing companies, has the insight and expertise to advise Razorpay on the next stage of its growth journey. . Salesforce Ventures is the global investment arm of Salesforce and is focused on partnering with the most ambitious enterprise technology companies every step of the way.

Since 2009, Salesforce Ventures has invested more than $ 3 billion in more than 400 leading companies, including Auth0, Databricks, DocuSign, Guild Education, Hopin, monday.com, nCino, Snowflake, Snyk, Stripe, Tanium, Twilio and Zoom.


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