Indian fintech startup Razorpay has entered the “unicorn club” after raising $100 million in a new financing round.

As Bloomchain.ru reports, the Series D funding values the startup at “a little more than $1 billion”.

The funding round was co-led by GIC, Singapore’s sovereign wealth fund, and Sequoia India venture fund. The current round is the largest in company’s six-year history. The startup has raised a total of $206.5 million in investments since its inception.

Razorpay is focused on small and medium enterprises. The company enables the clients to send and receive payments, as well as processes relevant transactions. Razorpay also offers to loan services to businesses, and has launched a banking platform to issue corporate credit cards.

Razorpay was founded in 2014. Since then, the company has grown into one of the largest payment service providers in India. Razorpay’s customers include both local businesses and international companies such as Facebook, Google and Wikipedia.

The startup expects to process about $25 billion in transactions - up five times from last year - for nearly 10 million of its customers this year. The startup aims to work with over 50 million businesses by 2025.

Razorpay emphasizes that 53% of India’s 42.5 million registered small businesses do not have access to digital financial instruments. Therefore, at the moment the company does not plan international expansion, but intends to focus on the local market.

“The competition in India’s digital payments market is only growing every year. Not only local companies, but large foreign corporations as well, are fighting for clients here. According to Statista portal, the total volume of transactions in this segment by the end of 2020 will exceed $69 billion, and by the end of 2024 - $141 billion,” Bloomchain.ru reports.

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