Indian fintech unicorn Razorpay is reportedly in advanced discussions with US-based growth equity firm TCV to lead its upcoming Series F funding round to raise $270m.

This fundraising is anticipated to more than double the firm’s valuation to around $6.5bn, Mint reported citing two people familiar with the move.

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According to sources, some of Razorpay’s existing backers will also join the new funding round.

Besides, the firm is having discussions with other marquee global investors, they added.

Razorpay is expected to use a majority of the funds to accelerate its inorganic growth opportunities.

TCV and Razorpay spokesperson did not comment on the news.

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Founded in 2014, Bengaluru-based Razorpay offers solutions that enables businesses to accept, process and disburse payments. The firm counts Facebook, BookMyShow, Airtel, Ola, Swiggy and Cred among its customers.

It joined the unicorn club in October last year after raising $100m in a Series D funding round.

Razorpay raked in $160m in a funding round this April to scale up its business banking offering and fund new acquisitions.

The financing round, co-led by Sequoia India and Singapore-based GIC, took the firm’s valuation to $3bn.

In 2019, the firm secured $75m in a Series C funding round from Ribbit Capital, Sequoia India, Tiger Global Management and Y Combinator.

It followed the firm’s $20m Series B funding round in January 2018.

In February, Razorpay announced plans to add 650 new employees across its technology, product and business teams over a period of ten months.