Digital payment startup – Cashfree receives fund from SBI
Cashfree has received funds from State Bank of India (SBI). The company did not disclose the amount raised.
“The company’s total funding since inception is USD 42 million. The total valuation of Cashfree is around USD 200 million," Cashfree CEO and co-founder Akash Sinha told a news source. He added that the company will use the proceeds of the investment to continue investing in the payment infrastructure. Incubated by PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. Cashfree is used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko and Shell for various business payment needs like e-commerce payment collection, vendor payments and marketplace settlements.
Annually, the company processes transactions of USD 20 billion. Cashfree products are used in eight countries which includes USA, Canada and the UAE, apart from India.
“The investment from India’s largest bank shows its trust in Cashfree’s innovation and the way we are rapidly scaling up the payments business. This also underscores Cashfree’s role towards building a payments ecosystem that enables the fastest and easiest way to collect payments and make payouts for growing businesses," Sinha said.
He added that the investment fits perfectly with its growth strategy as it continues to focus on customer experience and product innovation.
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