Razorpay has raised around $375 million in Series-F round with a valuation of $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.

The funds raised will be deployed to further scale RazorpayX, its neo-banking platform, and work towards completely revamping the banking experience for businesses, said Razorpay CEO and Co-Founder Harshil Mathur.

"With this round, the company will also leverage our learnings of having built products for scale in India and foray into building payment solutions for South-east Asian countries. Further, it will look at new acquisitions in the B2B SaaS space, with the aim of providing the highest levels of experience to customers," he said.

The Bengaluru-based company has more than doubled its valuation to $7.5 billion from $3 billion in April. The fintech firm was valued at $1 billion in October 2020.

With this round of funding, Razorpay has raised a total of $740 million in investments since its inception in 2014.

"With this new round of funding, we will look to strengthen India's financial infrastructure for small businesses, so that they don't have to worry about payments, banking or compliance issues. They can focus on what they do best: build their products, bring new ideas to life, create scale," Mathur said.

"As we continue to build more and more intelligent technologies, we believe we will radically change how payments and banking are done in nearly every sector of India," he said.