Cashfree raises $35 million in Series B funding

Financial-technology firm Cashfree, which focusses on online payments by Indian businesses, has raised $35 million (approximately Rs 258.87 crore at current exchange rates) in a Series B fundraising round.

The round in Bengaluru-based Cashfree has been led by Apis Growth Fund II, managed by Apis Partners LLP, which makes private equity investments across growth-stage financial services and infrastructure businesses.

Other participants in this Series B round for the Cashfree Payments India Pvt Ltd-operated startup include existing investor Y Combinator. This fundraise comes a month after reports said that the company was in advanced talks to raise up to $25 million (around Rs 184 crore) from new and existing investors.

Cashfree was set up by Akash Sinha and Reeju Datta in 2015 and operates lines of businesses including a payments gateway and Payouts, a bulk disbursal solution that helps companies instantly send money to bank accounts, cards, and UPI accounts.

The company will use this Series B capital for supporting its growth plans including the development and launch of new products.