Indian payment gateway provider Razorpay has secured US$375 million during a Series F funding round, pushing its valuation to US$7.5 billion.

This funding round was co-led by Lone Pine Capital, Alkeon Capital and TCV and also saw participation from existing partners like Tiger Global, Sequoia Capital India, GIC and Y Combinator.

With this new round of funding, Razorpay said that it will look to strengthen India’s financial infrastructure for small businesses.

The funds raised will also be deployed to further scale RazorpayX, its neo-banking platform.

With this round, Razorpay hinted at expansion plans in South East Asian countries as well as new acquisitions in the B2B SaaS space.

Harshil Mathur, CEO and Co-founder of Razorpay said,

“As we look towards our future and the opportunity Fintech in India holds, we realize that we have only scratched the surface, there is so much more to do and a long way to go towards helping our country and its businesses be economically more inclusive.

 

As we continue to build for the underserved part of the market and as we bring more and more innovations into the payments and banking space for Indian businesses, we believe that we can rapidly accelerate this digitisation.”