Payments solution provider Razorpay on Tuesday said it has raised $ 75 million in its Series C funding led by Sequoia India and Ribbit Capital, along with participation from Tiger Global and Y Combinator.

The company aims to use a significant share of these funds to develop new technologies and scale up its recently expanded product suite, Razorpay X and Razorpay Capital. Razorpay also plans to use these funds to double its headcount to 700 by 2020 and hire senior members to lead different product verticals, it said in a statement.

It has raised a total of $ 31.5 million in Series A in 2016 and Series B in 2018 rounds, along with 33 angel investors and a strategic investment by MasterCard. The company expects its neo-banking platform Razorpay X and lending arm Razorpay Capital, along with the non- payment gateway suite to contribute to 40 per cent of its revenue by next year.

“Our key mission is that while our partner businesses disrupt the Indian economy with new ideas, products, experiences and new jobs, we want to power their financial systems. Today, over 350,000 disruptors are partnered with us to create the difference that we are here to make,” Razorpay CEO and Co-Founder Harshil Mathur said.

This funding has come in at a time when fintech and banking is evolving beyond payments and lending and we would like to change the way businesses access banking products, Mathur said. The company currently powers digital payments for businesses like IRCTC, Airtel, BookMyShow, Zomato, Swiggy, Yatra and Zerodha, among others and plans to increase this to 450,000 by 2020. This converged payments solution company expects a 5x growth in its revenue by the end of the next fiscal year.

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