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Business News/ Companies / News/  DealsBuzz: Razorpay gets $75 million funding led by Ribbit Capital

DealsBuzz: Razorpay gets $75 million funding led by Ribbit Capital

In other news, Singapore’s sovereign wealth fund GIC plans to deploy up to $1 billion in India to acquire operating toll and annuity roads to expand its presence in the country’s infrastructure sector


Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country

Razorpay gets $75 million funding led by Ribbit Capital

Online payments platform, Razorpay raised $75 million in a series C funding round led by financial technology-focused investment firm Ribbit Capital, along with venture capital firm Sequoia Capital, The Economic Times reported. Existing investors, global investment firm Tiger Global Management and Y Combinator’s Continuity Fund also participated in the funding round. The company’s valuation, sources told ET, was pegged at about $450 million. The Bengaluru-based firm plans to use the proceeds to strengthen its two new business lines - neo-banking platform Razorpay X and its lending arm Razorpay Credit. The payments firm, which presently has about 3.5 lakh merchants on its platform, looks to reach at 4.5 lakh by 2020.

Singapore’s GIC eyes $1 billion worth Indian road assets

Singapore’s sovereign wealth fund GIC plans to deploy up to $1 billion in India through an investment platform to acquire operating toll and annuity roads in an ambitious effort to expand its presence in the country’s infrastructure sector, Mint reported citing two people familiar with the matter. The fund also plans to partner with a domestic group for its roads’ platform, one of the persons quoted above said. GIC, which was set up in 1981, manages over $100 billion in public and private investments across asset classes such as private equity, real estate and public equity. In March, GIC, Tata Group and Hong Kong-based SSG Capital Management committed 8,000 crore in GMR’s airports business in a ratio of 33:44:22. The sovereign fund also has investments in the country’s power and energy firms such as Sterlite Power Grid Ventures sponsored IndiGrid, an infrastructure investment trust (InvIT) and India’s top renewable energy producers, Greenko Group.

B Capital, Falcon Edge lead $72 million investment in Bounce

Two-wheeler rental startup Bounce raised $72 million in its series C funding round led by global technology fund B Capital Group and Falcon Edge Capital, a New York-based hedge fund, Mint reported. Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India and Qualcomm Ventures, the investment arm of Qualcomm Inc, also participated in the round. The company intends to use the money to expand its presence nationally, especially in smart cities, and to strengthen technology, it said on Monday. Bounce was founded in 2014 by Vivekananda H.R., Varun Agni, and Anil G. as Wicked Ride.

Piramal exits Shriram Transport for 2,300 crore

Ajay Piramal-led Piramal Enterprises Ltd sold its entire stake of about 10% in commercial vehicle financier Shriram Transport Finance Co Ltd., Mint reported citing a wire agency feed. The stake sale marks a shift in company’s “broader strategy" as it looks to leverage opportunities for growth in its financial services business. The group also owns 20% in Shriram Capital and 10% Shriram City Union Finance Ltd. Shriram Capital is an unlisted holding company, while Shriram City Union is a consumer lending business. In 2013, Piramal had bought a 9.9% stake in Shriram Transport for 1,636 crore. The company had invested in the Shriram group to gain entry into the retail financial business, having initially focused on corporate debt and equity financing for realty and infrastructure projects.

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Published: 18 Jun 2019, 09:42 AM IST
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