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Cashfree Payments, a digital payments startup has raised $53 million (about Rs 430 crore) in a funding round led by KRAFTON, a south korean gaming company.
The round also saw participation from existing investor Apis Growth Fund II.
The fintech company will use the new funds to improve its products, enhance security and expand into the UAE and the Middle East.
This is KRAFTON's first direct investment in an indian fintech firm. Since 2021, the South Korean gaming giant behind BGMI has been investing in Indian startups, mainly in gaming, content creation, and tech. Its first investment was in Sugar Cosmetics, led by Vineeta Singh and Kaushik Mukherjee.
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Akash Sinha, CEO & Co-Founder of 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.”
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 got approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB). This lets it help global businesses collect payments in India and offer cross-border payment services to Indian exporters and freelancers.
About Cashfree Payments
Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree Payments offers complete payment solutions for businesses in India, helping them collect payments and make payouts using various digital methods.
It also provides features like one-click checkout, abandoned cart recovery, and return prediction to improve the payment process and increase sales. Additionally, its Secure ID system offers identity verification with APIs and KYC tools to prevent fraud.
The fintech startup handles $80 billion in payments each year and serves 800,000 businesses, including Swiggy, redBus, Zepto, BigBasket and Bajaj Finance.
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