South Korea's Krafton leads $53 million funding in India's Cashfree

KRAFTON

05/02/2025 01:00

By Ashwin Manikandan
       Feb 5 (Reuters) - Indian digital payments firm Cashfree
has raised $53 million in a funding round led by South Korean
video game developer Krafton  259960.KS , 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)
 ((Ashwin.Manikandan@thomsonreuters.com;))