Cashfree Payments, a prominent payments company in India, has recently secured an impressive $53 million in funding, marking a significant milestone in its growth journey. This funding round was led by KRAFTON, a Korean digital entertainment giant, along with Apis Growth Fund II, a private equity fund managed by Apis Partners Group (UK) Ltd. The primary objective of this capital infusion is to accelerate Cashfree’s payments offering while also enhancing its market outreach to further solidify its position in the competitive fintech landscape.
Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree Payments offers full-stack payment solutions to businesses across India, enabling them to seamlessly collect payments and make payouts through various digital payment instruments. As part of their services, Cashfree provides innovative features like one-click checkout, abandoned cart recovery, and return prediction, which aim to streamline the payment experience for businesses and drive conversions.
One of the notable achievements of Cashfree Payments is the development of Secure ID, an identity verification stack that includes a comprehensive suite of APIs and KYC components to combat the rising instances of fraud in the digital payments ecosystem. This strategic move underscores Cashfree’s commitment to ensuring unparalleled security and efficiency for Indian businesses operating in the digital economy.
Commenting on the recent funding, Akash Sinha, CEO & Co-Founder of Cashfree Payments, expressed his enthusiasm about welcoming KRAFTON as a strategic partner, alongside continued support from existing investors. Sinha highlighted the company’s mission to empower Indian businesses with secure and efficient digital payment solutions, emphasizing their focus on sustainable and profitable growth as they enter the next phase of their expansion journey.
The infusion of $53 million in funding marks a crucial milestone for Cashfree Payments as they embark on key initiatives, including cross-border and security innovations, as well as international expansion. This strategic move aligns with the company’s vision to cater to the evolving needs of the fintech industry in India and beyond, positioning them as a formidable player in the global payments landscape.
### Driving Innovation and Growth: A Strategic Partnership with KRAFTON
Sean Hyunil Sohn, CEO of KRAFTON India, underscored the significance of Cashfree Payments’ dominant position in the Indian fintech industry and its potential for global expansion. Sohn emphasized the importance of full-stack payment systems tailored to the unique needs of the media and entertainment sector in India, paving the way for enhanced user experiences and robust growth opportunities. The strategic investment by KRAFTON is a testament to their commitment to supporting innovative solutions that drive growth and foster a dynamic startup ecosystem.
In addition to the recent funding round, Cashfree Payments has witnessed significant milestones in terms of senior management reshuffling, aimed at bolstering growth and driving strategic initiatives. Harsh Gupta, former Senior Vice President at Razorpay, has joined the company as Chief Revenue Officer, bringing a wealth of experience and expertise to the leadership team. Furthermore, Arun Tikko has taken on the role of leading international business expansion, signaling Cashfree’s ambition to scale its operations beyond Indian borders.
As Cashfree Payments continues to expand its reach and enhance its offerings, the company has reported a steady increase in operating revenue, with a notable rise in merchant signups and revenue growth projections for the current fiscal year. With a strong foothold in the Indian market and a growing presence in the UAE, Cashfree is poised for significant growth opportunities, catering to a diverse clientele ranging from internet startups to established enterprises.
In conclusion, Cashfree Payments’ recent funding milestone and strategic initiatives underscore its commitment to driving innovation, enhancing security, and fostering sustainable growth in the fintech industry. With a focus on empowering Indian businesses and expanding its global footprint, Cashfree is well-positioned to redefine the digital payments landscape and deliver unparalleled value to its customers and partners.
