Salesforce Ventures, the investment arm of U.S. cloud-based software company, has invested an undisclosed amount in Razorpay, Livemint reported Tuesday (Sept. 21).
The Bangalore-based FinTech is currently valued at $3 billion after raising $260 million over the last 12 months — $160 million in a Series E financing round in April and $100 million in October 2020.
The Indian payments giant offers banking and payment solutions aimed at helping businesses with their financial infrastructure and money flow. And according to Harshil Mathur, chief executive and co-founder of Razorpay, the investment will enable the firm to build new products and expand across Southeast Asia.
Arundhati Bhattacharya, chairperson and chief executive of Salesforce India, also added that the pandemic had accelerated the shift to a cashless economy, saying that “the rapid growth in digital payments over the last year has opened doors for technology innovation and Razorpay emerged as the company of choice for a lot of eCommerce businesses.”
This investment is not Salesforce’s first foray into the Indian enterprise software sector. According to the statement, the customer relationship management (CRM) giant led a $6.7 million Series A funding round in Bengaluru-based blogging platform Hashnode in August. Before that, in January, the CRM company invested $15 million in Indian technology company Darwinbox.
Salesforce’s investments in the enterprise software space are not just limited to India, though.
As PYMNTS reported this month, the company partnered with FedEx to provide small business owners with new tools to meet the rising consumer demand for efficient, free shipping and returns while maintaining supply chain costs low.
The offering, which is expected to launch in the U.S. this spring, will give Salesforce merchants access to free two-day shipping and new return processes, including label-less returns, return-packaging at FedEx locations and easy drop-off.