Razorpay, India's second-most valuable fintech start-up after Paytm, has raised $375 million in a Series F round of fundraising, valuing the company at $7.5 billion. The company's value has increased sevenfold in the last 15 months, propelling Walmart-owned digital payments provider PhonePe to third place on the country's most valuable fintech list.

Lone Pine Capital, Alkeon Capital, and TCV led Razorpay's most recent round of funding. Existing investors such as Tiger Global, Sequoia Capital India, GIC, and Y Combinator also contributed.

The funds will be used to help Razorpay achieve its objective of becoming a full-stack financial solutions company that can meet all of a company's payment and banking needs on a single platform.

In 2022, it expects to use the new funds to expand its business banking suite RazorpayX and introduce new banking solutions. In 2022, the company expects to invest in new acquisitions and grow its global presence, beginning with Southeast Asian countries. To support these expansion objectives, Razorpay is looking to hire around 600 people.

“We want to create new products and build experiences that will change the lives of millions of businesses and consumers”, says Shashank Kumar, CTO and co-founder, Razorpay.

Meta formerly known as Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System, and Indian Oil are among the companies that use the service, which is expected to grow to 10 million by the end of 2022. Razorpay is a payment solution provider for 34 of the 42 unicorn firms that were named in 2021.

“We are delighted to back Harshil (Mathur), Shashank (Kumar), and the entire Razorpay team”, says John Doran, general partner, TCV. “We think they are building the next-generation payments and banking platform in India”.

Magic Checkout, RazorpayX Tax Payment Suite, and Razorpay Rize were among the new products introduced by Razorpay at its flagship event, FTX'21. Early in December 2021, the company reached a TPV (total payment volume) of $60 billion. By the end of 2022, it hopes to have a TPV of $90 billion.

For the second year in a row, the company grew by more than 300 percent year over year.

Razorpay has been in the vanguard of creating resilient, creative products to anticipate and handle the changing demands of businesses, according to David Craver, co-chief investment officer at Lone Pine Capital.

Razorpay has continued to innovate and forge new trails as the leading online payments operator in the fast increasing Indian digital payments market, according to Deepak Ravichandran, general partner at Alkeon Capital.

“We’ve come a long way in these seven years, and more so since 2020. Moving forward, we believe we will radically change how payments and banking are done in nearly every sector of India”, says Harshil Mathur, Co-founder and CEO, Razorpay.