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Fintech startup Razorpay said it has raised $375 million in its Series F funding round led by Lone Pine Capital, Alkeon Capital and TCV.

Existing investors such as Tiger Global, Sequoia Capital India, Y Combinator and GIC also participated in the funding round, the startup added.

The funds will be put towards helping Razorpay become a full-stack financial solutions company, scale up the business banking suite, RazorpayX, and offer new banking solutions in 2022.

“While these freshly infused funds will be used in multiple areas, the most important one will be towards investing in building intelligent technologies that will make the lives of small businesses easier by providing them a fundamentally different experience and reducing complexity,” Harshil Mathur, CEO and co-founder of Razorpay said in a press release.

The startup said it also plans to invest in new acquisitions in 2022, and expand its presence internationally, starting with Southeast Asian countries.

By the end of 2022, the startup says it plans to achieve $90 billion in total payment volume (TPV), up from the $60 billion it has achieved as of December 2021.

“India’s B2B fintech sector is undergoing a period of rapid growth, and we are excited to partner with Razorpay, which has been at the forefront of creating resilient, innovative products to anticipate and address the changing needs of businesses,” said David Craver, Co-Chief Investment Officer at Lone Pine Capital.

Razorpay, in recent times, has been focussing on expanding its business banking suite targeted at small businesses. It recently launched a tax payment service at its FTX 2021 event, along with other products to bolster the financial infrastructure of small companies.

It has also been pushing into neobanking to provide its user base a host of financial products.

The Bengaluru-based startup has raised $741.5 million in total investments so far since its inception in 2014.