E-commerce could be described as one of the biggest tech opportunities across the land of India. It is one of the most populated countries in the world and the economy of this country is rapidly rising. Approximately 500 million people are using the Internet in their daily lives and this situation is indicating a massive change in the field of online payment this time. Recently, Razorpay, a tech organization has taken the initiative to prepare an easier payment gateway for the businesses that would integrate payment services into their apps and websites through an API. Sources also revealed that the organization has been preparing for funding and already raised $20 million, but the organization was expecting a valuation over $100 million in order to accelerate the growth.
Series B round of funding is led by Tiger Global in association with Y Combinator via Matrix Partners and Continuity Fund. The funding has been conducted at a crucial moment. A big boost to the businesses in the field of E-commerce could be spotted over the few years. Big businesses like Amazon, eBay, Flipkart and Snapdeal have stretched out their territory over the market. Organizations like Uber, Ola, Zomato are offering their services and people have been relying on digital payments for their services.
Harshil Mathur, the CEO and co-founder toward that the organization has been planning to utilize the money to expand their business across the country by offering their services to more customers and adding new products on the platform. Now a day, the organization offers six different services for their customers. When asked about their motive, they remarked that they aim to prepare a complete payment management platform for the betterment of this progressive nation.