Razorpay, the payment solutions provider, has raised $160 million (about Rs 1,192.6 crore) in funding from Sequoia Capital, GIC and others. The funding will see its valuation triple to $3 billion.

The Series E funding round was co-led by Sequoia Capital and GIC, along with participation from Ribbit Capital and Matrix Partners. It comes at a time fintech firms are witnessing a sharp jump in their business volumes as the pandemic forces individuals to go digital for various needs.

With this funding, Razorpay has raised a total of $366.5 million in funding since its inception in 2014. The company had entered the

unicorn club in October last year when it had raised $100 million.

“We will use the capital to scale up our business banking suite, invest in new acquisitions and launch in international markets, including South-East Asian countries,” Razorpay CEO and co-founder Harshil Mathur said.

He added that the company also continues to hire aggressively to fuel its growth plans.

Razorpay provides intelligent automated payment and business banking solutions to help businesses manage their money flow end-to-end.

Mathur added that the company’s recent initiatives in the banking and lending space through RazorpayX and Capital have helped businesses solve challenges around managing money, empowering businesses to grow up to 10 times in an economically challenging year.

“But there is more work to be done, we believe there is a dire need to develop new banking technologies that meet the rising demand. So, we plan to use these funds to further expand our banking and lending product suite so that we not only provide a better experience to businesses and their customers but significantly contribute to the growth of our partner businesses,’’ he added.

Mathur said the company’s neo-banking platform, RazorpayX, saw 400 per cent growth in transaction volume in the last 12 months.