Wednesday, Oct 4, 2023
English News
  • Hyderabad
  • Telangana
  • AP News
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • Rewind
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Education Today
    • Reviews
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Business | Bengaluru Based Payments Firm Cashfree Raises 35mn Led By Apis

Bengaluru-based payments firm Cashfree raises $35mn led by Apis

"With our Series B funding round of $35 million led by Apis Growth Fund II, we plan to utilise this fresh capital to further scale Cashfree's payments solutions, developing innovative products and strategic acquisitions," Akash Sinha, Co-Founder and CEO, Cashfree said

By IANS
Published Date - 03:33 PM, Tue - 24 November 20
Bengaluru-based payments firm Cashfree raises $35mn led by Apis
whatsapp facebook twitter telegram

Bengaluru: Bengaluru-based payments solutions company Cashfree on Tuesday said it has received $35.3 million (approximately Rs 260 crores) as part of its Series B funding led by growth stage financial services investor, Apis Growth Fund II.

Existing investor Y Combinator also participated in the funding round.

“With our Series B funding round of $35 million led by Apis Growth Fund II, we plan to utilise this fresh capital to further scale Cashfree’s payments solutions, developing innovative products and strategic acquisitions,” Akash Sinha, Co-Founder and CEO, Cashfree, told IANS.

“Our renewed focus is on strengthening the fintech infrastructure by ensuring that the framework can seamlessly support the unprecedented higher volumes of digital payments. This investment comes at a crucial time with the recent surge in digital payments,” Sinha said.

Cashfree was founded by Sinha and Reeju Datta in 2015 and processes online payments for thousands of Indian businesses.

The company is a 2017 alumnus of Y Combinator, the start-up incubator based in San Francisco, and has grown exponentially, processing over $12 billion annualised payment volumes as of March 2020.

Cashfree said it has been profitable since its first year of operations and counts more than 50,000 businesses amongst its merchants including leading internet companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery, among others.

One of the key growth drivers for Cashfree is its bulk disbursal solution — Payouts — that was launched in 2016 and grew quickly to 1 lakh daily transactions within a year.

Payouts helps businesses send money instantly to bank accounts, cards, UPI, and wallets with a simple integration.

Use cases for Payouts include vendor payouts, wage payouts, e-commerce refunds, insurance claims processing, loan disbursements, expense reimbursements, loyalty, and rewards payments.

In addition to Payouts, Cashfree’s Payment Gateway supports payments from more than 100 payment channels — including debit / credit cards, RuPay, UPI, bank transfers, wallets and various instalment options.

Cashfree said that the investment will also assist the company in making selective bolt-on acquisitions to further augment its geographic and product reach.

“We will be investing substantially in next-gen payments as well as banking technologies for businesses to easily deploy digital payments at scale,” Sinha said.

Apis Growth Fund II is managed by Apis Partners LLP.

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.”

Telangana Today Whatsapp
  • Follow Us :
  • Tags
  • Apis Growth Fund II
  • Bengaluru
  • Bengaluru-based
  • Cashfree

Related News

  • Indian Air Force receives first LCA Tejas trainer aircraft from HAL

    Indian Air Force receives first LCA Tejas trainer aircraft from HAL

  • Hyderabad sees surge in premium real estate as affordable housing market shrinks

    Hyderabad sees surge in premium real estate as affordable housing market shrinks

  • 2 Indian-origin men plead guilty to multimillion-dollar Covid fraud in US

    2 Indian-origin men plead guilty to multimillion-dollar Covid fraud in US

  • Income Tax raids underway at 15 locations in Bengaluru

    Income Tax raids underway at 15 locations in Bengaluru

  • CM KCR to launch Breakfast Scheme in government schools on October 6

    CM KCR to launch Breakfast Scheme in government schools on October 6

  • Hyderabad: Basthi Dawakhana opens at Tarnaka

    Hyderabad: Basthi Dawakhana opens at Tarnaka

Latest News

  • Joe Jonas, Sophie Turner resort to mediation to settle child custody dispute

    6 mins ago
  • Bollywood actress, husband involved in luxury car accident in Italy

    8 mins ago
  • Joaquin Phoenix is dancing in the rain in new ‘Joker 2’ image

    15 mins ago
  • Kareena Kapoor wishes sister-in-law Soha Ali Khan on her birthday

    25 mins ago
  • Microdoses of mushrooms may help fight mental disorders: Study

    35 mins ago
  • Mehreen Pirzada channels Audrey & Marilyn Monroe vibes in ‘Sultan of Delhi’

    45 mins ago
  • ‘Ambedkar Reading Sessions’ at KBR Park to foster anti-caste awareness

    55 mins ago
  • Health Crisis In Andhra Pradesh: Rapid Spread Of Malaria And Dengue | Praja Arogya Vedika

    1 hour ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam