Bangalore based Razorpay has raised $9 million led by Tiger Global, and Matrix Partners as part of the company’s plan to further build its product and enter other segments of the payment industry.
Razorpay had earlier raised $2.5 million in seed funding from Matrix Partners, Y Combinator and 33 other angel investors including Ram Shriram, an early Google investor; Jeff Huber, senior vice president at GoogleX; and Justin Kan, a partner at Y Combinator.
“Merchants have experienced 30 per cent higher success rate in completing transactions with Razorpay’s gateway as it supports payments at 2G speeds, among other things. So far there has been little innovation from existing payment gateways in India. Everyone has been sales-focused, not technology-focused,” said Harshil Mathur CEO, Razorpay. [source]