Cashfree Raises $35.3 Mn as Part of Series B Funding Round to Launch New Products The funding was led by Apis Growth Fund II and saw participation from existing investor Y Combinator

By Shipra Singh

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Cashfree

Payments solution company Cashfree has raised USD35.3 million (about INR 260 crore) as part of its Series B funding round led by Apis Growth Fund II, growth stage financial services investor.

The funding round also saw participation from existing investor Y Combinator.

Founded in 2015 by IIIT Hyderabad graduate Akash Sinha and IIT Kharagpur alumnus Reeju Datta, Cashfree helps businesses to collect and disburse payments via all payment methods, including credit card, debit card, net banking, UPI (Unified Payment Interface) and most of the mobile wallets.

The Bengaluru-based company plans to use the fresh capital to support the company's growth plans, including launching and rolling out new products.

"This investment is an endorsement of Cashfree's platform as well as our vision to empower customers and businesses with the latest payments tool," said Akash Sinha, CEO and co-founder, Cashfree, commenting on the fundraise.

"Over the years, we have built a strong presence among enterprises by innovating for experience, scale and security. We still see payments as an evolving industry with its own challenges and we would be investing in next-gen payments as well as banking tech to make payments processing easier and more reliable."

Cashfree claims to have been profitable since its first year of operations and serves over 50,000 businesses globally, including the likes of Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery, among others.

It offers bulk disbursal solution, known as Payouts, payment gateway and instant settlement services to its enterprise customers. Payouts is used by businesses for vendor payouts, wage payouts, e-commerce refunds, insurance claims processing, loan disbursements, expense reimbursements, loyalty, and rewards payments.

Udayan Goyal, Managing Partner and co-founder of Apis will join the company as a board member.

"Cashfree has maintained a leadership position in this space and is now going through a period of rapid growth fuelled by the development of unique and innovative products that serve the needs of its customers. We are delighted to support Cashfree on its exciting journey ahead and to back an exceptional management team who are at the forefront of the continued digitalisation and democratisation of payments in India," said Goyal.

As of March 2020, Cashfree has processed over USD12 billion in annualised payment volume.

Shipra Singh

Entrepreneur Staff

Freelance Journalist

Now a freelance journalist, ealier steered the Wealth section on the Entrepreneur website, covering everything finance. Previously a personal finance reporter at The Economic Times and Outlook Money.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

News and Trends

Vijay Shekhar Sharma Steps Down from Paytm Payments Bank Board

Ashok Kumar Garg, Debendranath Sarangi, Rajni Sekhri Sibal and Srinivasan Sridhar are the new board members of Paytm Payments Bank.

Side Hustle

Getting Laid Off Allowed Him to Focus on His Sentimental Side Hustle. Now He's on Track to Earn Over $700,000 in 2024.

Alaa El Ghatit wasn't fulfilled at his day job. So he started LifeOnRecord to help people record memories and well wishes.

Business News

Airbnb Renter Discovers Hidden Door, Says Police Confirm There's a Secret Unit Upstairs With 'Surveillance': 'A Terrifying Experience'

One bride-to-be was in for a not-so-welcome surprise when she discovered a secret door in her Airbnb rental.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Starting a Business

4 Hard Truths You Must Accept to Become Successful

As you buckle up for entrepreneurship, remember – it's not just a journey but an epic adventure towards enduring achievement in the dynamic business world.

Growth Strategies

How Is AI Going To Transform the Auto Industry?

Artificial Intelligence's impact on the auto industry spans from predictive analytics and safety innovations to eco-friendly initiatives and personalized design