February 5, 2025: Cashfree Payments, a payments and API banking company has secured $53 million (about Rs 430 crore) to push ahead product innovation, upgrade security infrastructure, and augment global expansion in the UAE and the Middle East markets.
Akash Sinha, CEO and Co-founder of Cashfree Payments, stated “This investment will help us accelerate our key efforts—across cross-border and security innovations and international expansion—as we enter the next phase of our growth journey.”
The South Korean gaming giant behind BGMI (Battlegrounds Mobile India) since the year 2021 has actively invested in India’s startup ecosystem, focusing on gaming, content creation, and tech innovation. The gaming firm had recently anchored Korean investors IMM’s India focused fund.
KRAFTON backs Cashfree Payments Full-Stack Payment Solutions
“As the media and entertainment sector and content consumption patterns in India continue to evolve, full-stack payment systems that specifically address the needs and requirements of the sector are crucial for enhancing user experience,” Sean Hyunil Sohn, CEO of KRAFTON India, said.
In addition to the direct investments, KRAFTON India’s investment strategy encompass a fund-of-funds approach, helping it to tap into high-potential sectors beyond its core focus.
KRAFTON India has also invested in VC funds such as 3one4 Capital and Lumikai. The firm also runs the KRAFTON India Gaming Incubator, which catalyses the Indian gaming ecosystem by backing aspiring game developers and startups.
Cashfree Payments has received approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB), enabling it to facilitate payments for global businesses and regulated entities collecting funds in India. Furthermore, the license also allows Cashfree to provide cross-border payment solutions for Indian exporters and freelancers.
The fintech startup currently processes $80 billion annually and works with 800,000 businesses, including Swiggy, redBus, Zepto, BigBasket, and Bajaj Finance.
The latest round of funding led by South Korean gaming giant KRAFTON, had participation from existing investor Apis Growth Fund II. This new funding marks KRAFTON’s first direct investment in an Indian fintech firm.
