Salesforce Ventures, the venture capital arm of the American customer relationship management firm, has invested an undisclosed amount in Razorpay to expand its business-banking platform, the companies said in a statement on Tuesday.

The deal valued Razorpay at more than $3 billion, a little over the valuation sought by the company in April, said a person seeking anonymity. In April, RazorPay raised a $160 million Series E round at a valuation of more than​ $3 billion, led by Singapore sovereign wealth fund GIC. Existing investors Sequoia Capital, Ribbit Capital and Matrix Partners also participated in it.

• Fadnavis Offers Phased Plan for Mumbai Airport Terminal 1
• TCPL Packaging Enters Battery Separator Film Business
• Waaree Energies Admits US Solar Import Origin Errors
• Cabinet Approves Rs 62,370 Crore Fertiliser Subsidy for Rabi Season
• Cochin Shipyard Bags ₹498.58 Cr INS Betwa Upgrade Contract

The strategic investment will help Razorpay use Salesforce’s network to expand to Southeast Asia. The fund infusion will help accelerate the adoption and financial growth of underserved small businesses in the next 12 months and develop and integrate the payments and banking platforms, Harshil Mathur, chief executive and co-founder, Razorpay, said.

“We will build new products and deliver this experience to businesses in Southeast Asian countries, too,” Mathur said.