Indian fintech startup Cashfree raises $35m led by Apis, Y Combinator

Photo: Pramugdha Mamgain/DealStreetAsia

Bengaluru-based fintech startup Cashfree has raised $35.3 million as part of its Series B funding round. The investment was led by growth stage financial services investor, Apis Growth Fund II, with participation from existing investor Y Combinator.

The company will use the fresh capital to further scale Cashfree’s payments offering, develop new product verticals, and make strategic investments.

The investment comes at a time when Cashfree’s rapid growth has accelerated with rising e-commerce penetration by increasing adoption of Indian businesses and consumers. “This investment is an endorsement of Cashfree’s platform as well as our vision to empower customers and businesses with the latest payments tools,” said Akash Sinha, CEO and co-founder of Cashfree.

Founded by Akash Sinha and Reeju Datta five years back, the startup processes online payments for thousands of Indian businesses.

In early 2020, Cashfree introduced solutions such as an instant settlement offering on its payment gateway and a UPI Stack with 15 ready-to-use integrations for all business payment needs. This feature helps enterprises access funds within 15 minutes of payment capture via its payment gateway as compared to the industry standard of 2-3 business days, helping reduce the working capital gap.

Some of its customers include leading internet companies such as Cred, BigBasket, Zomato, HDFC Ergo, Zoomcar and Delhivery.

The article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.