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Cashfree Payments raises $53 m in funding led by KRAFTON

Cashfree Payments raises  m in funding led by KRAFTON


Payments company Cashfree Payments, has raised $53 million (₹450 crore) in funding round led by Korean digital entertainment giant, KRAFTON and existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners Group (UK) Ltd.

The capital will be deployed to accelerate Cashfree’s payments offering and boost market outreach.

Akash Sinha, CEO & Co-Founder, Cashfree Payments, said, “We are excited to welcome KRAFTON as a strategic partner with continued support from our existing investors, Apis Growth Fund II and the team at Apis Partners. Our mission at Cashfree Payments has been to empower Indian businesses with the ability to transact in the digital economy with unparalleled security and efficiency. This investment will help us accelerate our key efforts – across cross-border and security innovations and international expansion – as we enter the next phase of our growth journey. Growing sustainably has been core to our identity and how we function at Cashfree Payments. We are focused on driving profitable growth as we scale.”

Founded in 2015 by Akash Sinha and Reeju Datta, provides full-stack payments solutions to businesses in India, allowing them to collect payments and make payouts via different digital payment instruments.

The company has others features like one-click checkout, abandoned cart recovery, and return prediction, helping businesses improve the payment experience, boost conversions. The company has built Secure ID, an identity verification stack with a comprehensive suite of APIs and KYC components, addressing the surge in fraud.

Sean Hyunil Sohn, CEO of KRAFTON India, said “India’s fintech industry is experiencing remarkable growth, and we believe Cashfree Payment’s dominant position in India can be replicated globally. As the media and entertainment sector and content consumption patterns in India continue to evolve, full-stack payment systems that specifically address the needs and requirements of the sector are crucial for enhancing user experience. The investment is part of KRAFTON’s ongoing efforts to support innovative solutions that drive growth and foster a dynamic start-up ecosystem. We look forward to further strengthening this partnership and exploring future opportunities.”

Cashfree had raised funds in June 2021 from SBI at a post-money valuation of $200 million. The company has raised over $44 million to date, according to Traxcn.

Additionally, the company has undergone a senior management reshuffle as part of its strategy to bolster growth.

Harsh Gupta, former Senior Vice President at Razorpay, has joined as Chief Revenue Officer. Arun Tikko, the current Chief Business Officer, is now leading the international business expansion, while banking and alliance lead Anshul Lal has exited the company.

Cashfree Payments operating revenue increased to ₹639.3 crore in financial year 2023-24 (FY24) from ₹613.6 crore in FY23 and saw its net loss widen to ₹136 crore from ₹133.1 crore in the previous fiscal year.

In FY25, Cashfree has seen merchant signups grow 130 per cent as compared to previous years and anticipates robust revenue growth, driven by increased wallet share from existing customers and continued success in cross-selling to its broad client base, said the company in a statement. Cashfree currently processes $80 billion annually and works with 800,000 businesses, from internet start-ups to public enterprises.

In India, Cashfree is trusted by leading brands like Swiggy, redBus, Zepto, Big Basket, Bajaj Finance and more. In addition to India, Cashfree Payments is expanding its footprint in the UAE and sees significant growth potential offering payments and related products across the Middle East.





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