Salesforce Ventures invests in digital payment banking platform Razorpay

Razorpay, the digital payments, and business banking platform on September 20 said it has received funding from Salesforce Ventures, the global investment arm of cloud-based software giant Salesforce.

It did not disclose the quantum of investment. Bengaluru-based Razorpay, which was valued at over $3 billion in its last round of funding, said the investment will strengthen its presence in the business banking space.

Harshil Mathur, CEO, and Co-Founder, Razorpay said, "Razorpay wants to make further strides on the idea of investing in India's digital future and building an intelligent payment and banking infrastructure for the new world. We are delighted to associate with Salesforce Ventures and Salesforce more broadly in India."

The company further said being a leading investor in enterprise software, Salesforce Ventures has the insight and expertise to advise Razorpay on the next stage of its growth journey.

The company added that this fund infusion will accelerate its growth in modernising the financial infrastructure for small businesses and large enterprises by providing automated payment and business banking solutions.

Razorpay had announced its Series E fundraise of $160 million in April this year, which tripled the company's valuation to $3 billion in less than six months since it became a unicorn (a startup valued at $1 billion). The round was co-led by its existing investors GIC and Sequoia India, and also saw participation from Ribbit Capital, Matrix Partners, and Tiger Global.