On Tuesday, Payments solution startup Cashfree said that it has received $35.3 million (around Rs 260 crore) as a part of its Series B funding round which was led by growth stage financial services fund, Apis Growth Fund II while 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,” said Akash Sinha, Co-Founder & CEO, Cashfree. He said the company’s focus is to strengthen the fintech infrastructure by ensuring the framework to support unprecedented higher volumes of digital payments.
Back in 2015, Sinha and Reeju Datta founded Cashfree and started processing online payments for thousands of businesses in India. Cashfree is 2017 alumnus of San Francisco-based start-up incubator Y Combinator. It has processed annual payment volumes of over $12 billion as of 31 March, 2020.
The Bengaluru-based startup has been profitable since its first year of operations and counted more than 50,000 businesses including leading internet companies such as BigBasket, Zomato, Delhivery, Cred, HDFC Ergo, Ixigo, Acko, Zoomcar and others.