By Ashwin Manikandan
(Reuters) – Indian digital payments firm Cashfree has raised $53 million in a funding round led by South Korean video game developer Krafton, the company said on Wednesday.
The round also saw participation of existing backer Apis Partners, a UK-based private equity investor, Cashfree said in a statement.
Cashfree helps merchants in India collect payments online and make payouts. Last year, it secured the Reserve Bank of India’s authorization to facilitate cross-border transactions.
Chief executive Akash Sinha said that the fresh capital will help “accelerate our key efforts across cross-border and security innovations and international expansion.”
While Cashfree didn’t disclose its valuation, two sources familiar with the matter said that the Bengaluru-based firm is valued at around $700 million.
The funding comes at a time when India’s digital payments segment is seeing subdued interest from investors.
In 2024, the sector saw funding worth $194 million, a 77% decline to the $836 million raised in 2023, according to data from market intelligence platform Tracxn.
(Reporting by Ashwin Manikandan; Editing by Mrigank Dhaniwala)
