YC graduate, Razorpay, has raised $9m in Series A funding, led by Tiger Global and joined by Matrix Partners. The India based company validates internet payments via credit or debit cards, net banking and digital wallets from the end customers in real time. The founder explains that in India, "There has been little innovation from existing payment gateways... Everyone has been sales-focused, not technology-focused."
A financial startup is drawing a lot of support in India. Razorpay, a gateway that validates online payments via credit or debit cards, banking sites and digital wallets from end consumers in real time, has raised $9 million in a Series A funding round led by Tiger Global and joined by Matrix Partners, The Economic Times reports. In announcing the round, Razorpay — which was cofounded by Shashank Kumar and Harshil Mathur, incubated at the Y Combinator accelerator and now has a 15-person team in Bengaluru — also disclosed that it had previously raised seed funding from Matrix Partners, Y Combinator and 33 other angel investors, which the Economic Times story notes includes Ram Shriram (an early investor in Google); Jeff Huber, senior vice president at GoogleX; and Justin Kan, a partner at Y Combinator.