Akash Sinha, CEO & Co-Founder, Cashfree Payments
Akash Sinha, CEO & Co-Founder, Cashfree Payments
  • The funding round also saw participation from Apis Growth Fund II, reaffirming its confidence in Cashfree Payments’ growth trajectory.
  • Cashfree Payments empowers businesses with a seamless digital payments ecosystem, enabling swift online payment collection, automated payouts, enhanced conversion rates, and robust identity verification to prevent fraud during KYC and onboarding.
  • The company has witnessed an impressive 130% growth in merchant signups compared to previous years, reflecting the increasing demand for its cutting-edge payment solutions.

Bangalore, February 5, 2024 – Cashfree Payments, a leading digital payments company, has secured $53 million (INR 450 crore) in a funding round led by Korean digital entertainment giant KRAFTON, with participation from existing investor Apis Growth Fund II, managed by Apis Partners Group (UK) Limited. The investment is set to accelerate Cashfree’s product innovation, expand its market reach, and strengthen its global footprint.

The latest funding marks a significant milestone for Cashfree as it continues to enhance its payment solutions, enabling businesses to streamline online transactions, process payouts, and integrate advanced identity verification tools. The collaboration with KRAFTON is expected to foster innovation across digital sectors, reinforcing Cashfree’s position as a leader in the fintech ecosystem.

Scaling Innovation in Digital Payments

Cashfree Payments offers a seamless platform for businesses to collect payments online, automate payouts, and improve transaction efficiency. With integrations across popular merchant platforms such as Shopify, Wix, WordPress, WooCommerce, and WhatsApp, Cashfree enables businesses to go live within a day. The company’s advanced payment solutions include one-click checkout, abandoned cart recovery, and return prediction—helping merchants enhance conversions and optimize revenue.

The platform boasts high transaction success rates, allowing large businesses to process up to 12,000 transactions per second during peak demand. It also recently launched Embedded Payments, enabling platforms, ERPs, and SaaS companies to integrate payment features effortlessly and compliantly.

Leadership Commentary

Akash Sinha, CEO & Co-Founder of Cashfree Payments, emphasized the company’s mission to empower businesses with secure and efficient digital transactions.

“We are thrilled to welcome KRAFTON as a strategic partner, along with continued support from Apis Partners. This investment will accelerate our expansion in cross-border payments, security innovations, and international markets. Sustainability and profitability remain central to our approach as we scale our operations. Our goal is clear—to drive long-term value for our customers and lead innovation in the payments industry, both in India and globally.”

KRAFTON’s investment in Cashfree aligns with its vision to support high-growth technology businesses.

Sean Hyunil Sohn, CEO of KRAFTON India, highlighted the potential of the Indian fintech sector:
“India’s fintech landscape is evolving rapidly, and we see Cashfree’s dominant position in India as a blueprint for global success. As media, entertainment, and digital content consumption continue to grow, full-stack payment solutions will be critical in enhancing user experiences. Our investment underscores KRAFTON’s commitment to fostering innovation and strengthening India’s startup ecosystem.”

Apis Partners, which has been a long-term investor in Cashfree, reaffirmed its confidence in the company’s growth trajectory.

Matteo Stefanel and Udayan Goyal, Co-Founders & Managing Partners at Apis Partners, stated:
“Cashfree’s leadership in digital payments and commitment to innovation make it a standout player in the industry. Our continued investment aligns with our philosophy that financial success and positive societal impact go hand in hand.”

Growth and Market Expansion

Cashfree Payments has witnessed a 130% increase in merchant signups in FY25 compared to previous years. The company processes $80 billion in transactions annually and serves 800,000 businesses, including major brands such as Swiggy, redBus, Zepto, BigBasket, and Bajaj Finance.

Among its latest innovations is Secure ID, a robust identity verification solution designed to combat fraud. Secure ID has already completed over 1 billion identity and user verifications, helping fintechs and startups optimize onboarding and KYC processes.

With regulatory approval from the Reserve Bank of India (RBI) to operate as a payment aggregator for both domestic and cross-border transactions, Cashfree is positioned as a trusted financial partner. It is also among the select few entities authorized to issue Prepaid Instruments in India.

International Expansion Plans

Beyond India, Cashfree Payments is actively expanding into the UAE and the Middle East, identifying strong growth potential in the region’s evolving digital payment landscape.

With this fresh infusion of capital, Cashfree Payments is poised to scale its operations, introduce new fintech solutions, and further solidify its leadership in the global payments ecosystem.