Total amount raised
$93.9 Million
Latest funding date
02/01/2025
Location
Cashfree Payments has successfully raised funds through seven rounds, with the latest being a Series C round. The company is backed by 11 investors, including Krafton and Apis Partners.
Cashfree Payments offers a comprehensive suite of payment processing, payouts, and API banking solutions for businesses. Keep reading to explore the intricacies of Cashfree Payments' fundraising journey and the investors backing this innovative platform.
What Is Cashfree Payments?
Cashfree Payments is a prominent fintech company based in Bengaluru, Karnataka, India. Founded around 2016, the company specializes in providing payment processing, payouts, and API banking solutions for businesses.
With an employee count between 501-1000, Cashfree Payments serves over 800,000 businesses. The company is backed by notable investors, including Krafton and Apis Partners, and has raised funds through seven rounds, with the latest being a Series C round.
How Much Funding Has Cashfree Payments Raised?
- Seed Round
- Amount Raised: USD 120,000
- Date: August 2017
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish market presence.
- Series A
- Amount Raised: USD 5,500,000
- Date: April 2019
- Lead Investors: Smilegate Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B
- Amount Raised: USD 35,300,000
- Date: November 2020
- Lead Investors: Apis Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology infrastructure.
- Debt Financing
- Date: June 2021
- Lead Investors: State Bank of India
- Valuation at Round: USD 200,000,000
- Motivation Behind the Round: To support working capital needs and business expansion.
- Debt Financing
- Date: May 2023
- Lead Investors: Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance liquidity and support growth initiatives.
- Series C
- Amount Raised: USD 53,000,000
- Date: February 2025
- Lead Investors: Krafton
- Valuation at Round: USD 700,000,000
- Motivation Behind the Round: To accelerate payment offerings, boost market outreach, and support international expansion.
- Secondary Market
- Date: February 2025
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: USD 93,920,000. Current Valuation: USD 700,000,000.
Key Investors
- Krafton
- Details: Krafton is a Korean digital entertainment giant known for its involvement in the gaming industry. It led the recent $53 million Series C funding round for Cashfree Payments.
- Investment Focus Areas: Media and entertainment, fintech innovations, digital content.
- Notable Investments: PUBG, BGMI, various Indian startups.
- Apis Partners
- Details: Apis Partners is a private equity fund based in the UK, managing Apis Growth Fund II. It has been an existing investor in Cashfree Payments.
- Investment Focus Areas: Financial services, fintech, growth-stage companies.
- Notable Investments: Various fintech and financial services companies.
- Y Combinator
- Details: Y Combinator is a well-known startup accelerator that was an early backer of Cashfree Payments. It has helped launch numerous successful startups.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: Airbnb, Dropbox, Stripe.
- State Bank of India
- Details: State Bank of India is one of the largest banks in India and was an early backer of Cashfree Payments.
- Investment Focus Areas: Financial services, fintech.
- Notable Investments: Various financial services and fintech initiatives.
- Smilegate Investment
- Details: Smilegate Investment is a venture capital firm that led the Series A funding round for Cashfree Payments.
- Investment Focus Areas: Technology, gaming, fintech.
- Notable Investments: Smilegate Megaport, various technology startups.
What's Next for Cashfree Payments?
Cashfree Payments is poised to capitalize on significant opportunities, particularly in international markets like the Middle East. With a robust annual transaction volume of $80 billion and a client base of 800,000 businesses, the company is well-positioned to enhance its payment offerings and market outreach. The strategic partnership with KRAFTON is expected to fuel innovation and support cross-border and security advancements.
Future fundraising opportunities appear promising, with potential for continued investments from strategic partners and existing investors. This financial backing will be crucial for Cashfree Payments as it navigates the complexities of international expansion and strives to maintain its competitive edge in the rapidly evolving fintech industry.
However, the company may face challenges such as managing growth while ensuring profitability, addressing the surge in fraud, and navigating different regulatory environments. Despite these hurdles, Cashfree Payments' focus on innovation and strategic partnerships positions it well for sustained growth and success.
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