Cashfree, a Bengaluru-based payment gateway startup, has announced that it has raised $35.3 million in its Series B funding round. The current funding was led by London-based private equity fund Apis Partners’ Apis Growth Fund II.
Existing investors Y combinator and Smilegate Investments also participated in the funding round. With this investment, the company’s valuation hits $200 million.
Earlier in 2019, the startup had raised $5.5 million in Series A funding led by Korea’s Smilegate, and had raised $120K in seed round in 2017.
The firm will use the current financing for enhancing the product and technology, develop new product verticals and make strategic investments.
Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree processes online payments for over 50,000 large and small businesses through over half a dozen products including payment gateway, payouts, auto collect, UPI stack and marketplace settlement.
Cashfree customers include leading internet companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others. The startup competes with the likes of Razorpay, Paytm, Billdesk, CC Avenue, and PayU.
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