Razorpay infuses Rs. 130 crore into their business. The fresh capital will be used to strengthen the neo banking platform Razorpay X and lending support to Razorpay Capital. Razorpay promises the easiest way to accept, process, and disburse digital payments for businesses in India.
Razorpay and Google Pay, being competitors, have some similarities with each other. While Razorpay recently made its debut in the payment business, Google had appeared two years ago.
Both companies were prospering when their industry was overpopulating. They did get into the business and have been trying to be prominent players. The two payment gateway firms made their way through the entire industry and have been striving constantly.
To grow amid the intense competition, they both needed periodic investments. Google Pay was not out of investments. On the other hand, Razorpay raised a good amount of $75 million led by Ribbit Capital in June 2019.
As per the RoC filings with the Ministry of Corporate Affairs, the United States-based firm Razorpay had invested Rs 130.15 crore in their Razorpay Software.
The firm Razorpay in California holds about 21,94,055 equity shares of Razorpay Software. Each share costs Rs. 593.22 per share. The payment gateway has Razorpay Finance, Razorpay Software, and Razorpay Tech.
Razorpay Capital uses its money lending platform to finance merchants who use the company's products and services. The firm has also applied for a PPI license to issue smart cards, develop wallets, and provide co-branded credit cards with Razorpay Tech.
Recently, Razorpay acquired a fraud prevention AI setup, Thirdwhich. The company will now use this Gurugram based startup's artificial intelligence and machine learning-based detection to reduce fraud on payments.
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