Online payment gateway for small and medium enterprises and platforms Razorpay has raised an undisclosed amount from American payments and financial services company MasterCard.
The equity-based deal is MasterCard’s second investment. Before this in 2013, MasterCard had invested in Chicago-headquartered analytics company Mu Sigma.
Harshil Mathur, co-founder of Razorpay, while speaking about the development said, “The association with MasterCard opens up the network of banks it works with. As our product focuses on reducing the failure rate of the transaction, this will help us bring down the number of hops.”
“India is helping to shape the future of e-commerce through strategic collaborations and innovative technology. The work that Razorpay is doing in India complements existing Master-Card solutions that are helping merchants of all sizes and grow their business,” he further added.
Incorporated in 2013, Razorpay is backed by Tiger Global and currently works with 8,000 merchants. In its Series A fundraising, Razorpay had had raised Rs 64 crore from Tiger Global and Matrix Partners along with multiple angel investors in the seed round. The 33 angel investors include Jeff Huber, senior vice president at Google X; Snapdeal cofounders Kunal Bahl and Rohit Bansal; InMobi
The 33 angel investors od the Series A round include Jeff Huber, the senior vice president at Google X, Snapdeal cofounders Kunal Bahl and Rohit Bansal, InMobi cofounders and former Flipkart chief product officer, Punit Soni.
Razorpay aims to revolutionise online payments by providing clean, developer-friendly APIs and hassle-free integration. They offer a fast, affordable and secure way for merchants, schools, e-commerce and other companies to accept payments online.
Stephane Wyper, the global lead for MasterCard Start Path programme, mentioned, “India is helping to shape the future of ecommerce through strategic collaborations and innovative technology. The work that Razorpay is doing in India complements existing Master-Card solutions that are helping merchants of all sizes and grow their business.”
Razorpay allows Indian businesses to collect payments online through credit card, debit card, netbanking and popular wallets like Mobikwik, PayUmoney etc.
