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Economic Times
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Cashfree secures $53 million from Krafton, Apis Partners
- Cashfree Payments has raised $53m in a new funding round, led by South Korean company, Krafton.
- The merchant payment start-up's existing investor, Apis Partners, also participated in the funding round.
- Krafton has invested in a number of Indian businesses, including publishing platform Pratilipi and Kuku FM, among others.
- Cashfree raised $2.7m in a recent funding round in 2021.
- The move follows the lifting of an embargo by the Reserve Bank of India (RBI) on adding new merchants in late 2023.
- Cashfree has grown dramatically since securing an online payment aggregator licence from the RBI, increasing business by 130%.
- It currently serves around 800,000 businesses and processes $80bn in gross transactions annually, with plans to double this by the end of 2025.
- The company's clients include Swiggy, Zepto and BigBasket, and Bajaj Finance and ICICI Prudential.
- The new funding round will enable Cashfree to scale up its products, invest in new payment infrastructure projects, and push one-click checkout products commonly used by direct-to-consumer (D2C) brands.
- Cashfree launched a UPI product recently, allowing the settlement of UPI payments directly with banks.
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