Cashfree is an Indian startup that provides a wide range of payment services for businesses. As a profitable company hopes to expand its business scope, the company has raised $35.3 million in a new round of financing.
The Bangalore-based startup’s Series B financing was led by Apis Partners, a London-based private equity firm (invested through its Growth Fund II), with existing investors Y Combinator and Smilegate Investments participating in the company. The new round of financing brings the total financing of the startup to date to 42 million US dollars.
Cashfree started its journey in 2015. It is a solution for restaurants in Bangalore. It needs an effective way to collect cash from customers for its delivery staff.
The founders of Cashfree, Akash Sinha, and Reeju Datta, have no experience in payment. When their merchant asked if they could build a service to accept online payments, the founders quickly realized that Cashfree could be used for a wider range of purposes.
Early, Cashfree also strives for investors, many of them believe that the payment processing company can not grow into large enterprises, and develop fast enough.
However, even if the founder missed the deadline, he could not join the company on time, but after Y Combinator accepted the application, the fate of the startup changed. Y Combinator subsequently raised the seed round of Cashfree.
Fast forward five years, Cashfree today provides more than a dozen products and services, and helps more than 55,000 companies pay their employees, accept payments online, set up regular payments, and settle market commissions.
Some of its clients include financial services startup Cred, online grocery store BigBasket, food delivery platform Zomato, insurance companies HDFC Ergo and Acko, and travel ticketing service provider Ixigo.
The startup works with multiple banks and also provides integration with platforms such as Shopify, PayPal, and Amazon Pay. Based on its products, Cashfree can compete with many startups today, but it has advantages-even many.
“Cashless has maintained a leading position in this field, and it is experiencing a period of rapid development driven by the development of unique and innovative products that meet customer needs,” Apis co-founder and managing partner Udayan Goyal, in a statement Said in.
In the fiscal year ending in March, the startup processed more than $12 billion in payments. Sinha said that part of the new funds will be used for research and development so that Cashfree can expand its technology stack and build more services, including those that can digitize more offline payments for its customers.
He said that Cashfree is also committed to building cross-border payment solutions to explore opportunities in emerging markets.
“We still see payment as a continuously evolving industry, facing our own challenges. We will invest in next-generation payment and banking technology to make payment processing easier and more reliable. With internal technology, technology-driven processes, and in-depth With a solid foundation of industry knowledge, we are confident that Cashfree will grow into a leader in the Indian and international payment fields.”