Bengaluru-based fintech, Cashfree has successfully raised $35.3 million (approximately Rs 260 crores) as part of its Series B raise led by growth stage financial services investor, Apis Growth Fund II.
In 2015, Cashfree was founded by Akash Sinha and Reeju Datta for processing online payments for thousands of Indian businesses. Its merchant list includes companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others.
Akash Sinha, CEO and Co-founder of Cashfree said, “We are delighted to have Apis as an investor and partner in our journey and value their extensive experience investing in high growth digital payments companies, like Cashfree, across several geographies globally. This investment is an endorsement of Cashfree’s platform as well as our vision to empower customers and businesses with the latest payments tools. 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. With the solid foundation of in-house technologies, tech-driven processes, and in-depth industry knowledge, we are confident of growing Cashfree to be the leader in the payments space in India and internationally.”
Joining Cashfree as a board member, Udayan Goyal, Managing Partner and Apis Co-Founder said, “As digital payments proliferate globally, the Indian market continues to represent one of the most exciting opportunities that we see in the world. 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.”
Matteo Stefanel, Managing Partner and Apis Co-Founder said: “As an experienced investor in payments globally, we are thrilled to become a key investor in Cashfree and to partner with Akash Sinha and Reeju Datta who together have built a tremendous business in a highly competitive market such as India. We trust that our investment will further accelerate Cashfree’s growth trajectory and we are excited and proud to partner with the team as they execute their vision of transforming the Indian payments landscape and bringing digital payments to a wider audience.”