Leading payments and business banking platform Razorpay on Monday said it has raised $160 million led by Sequoia Capital and GIC at a market valuation of $3 billion.

With this, Razorpay that became a unicorn in October last year has tripled its valuation in under six months.

The company said that it plans to infuse fresh funds capital to scale up its business banking suite, invest in new acquisitions and go global in South-East Asian countries.

“We believe there’s 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,” explained Harshil Mathur, CEO and Co-founder of Razorpay.

The company said it is hiring more than 600 employees to fuel its growth plans.

The fresh round was co-led by Sequoia Capital and GIC, Singapore’s sovereign wealth fund, along with participation from Ribbit Capital and Matrix Partners.

Razorpay is helping small businesses and large enterprises modernise their financial infrastructure by providing intelligent automated payment and business banking solutions to manage their money flow end-to-end.

The company’s neo-banking platform, RazorpayX is powering over 15,000 Indian businesses to manage their money.

The neobank saw 400 per cent growth in transaction volume in the last 12 months.

The company said it has been disbursing credit of upwards of Rs 700 crore per month, helping entrepreneurs get access to working capital, and now plans to scale this up to Rs 1,000 crore per month by the end of 2021.

“In the next 12 months, Razorpay will look to introduce more such products, through strategic partnerships and acquisitions which fit into our vision of making financial infrastructure easy and available to businesses across the country,” said Shashank Kumar, Co-Founder & CTO, Razorpay.

“We expect digital payments to become a $500 billion market over the next 4-5 years. The Razorpay team, with their constant focus on executional excellence, has grabbed early leadership in this space,” added Ishaan Mittal, Principal, Sequoia India.

In the last six months, Razorpay has witnessed a 40-45 per cent growth, month-on-month.