Payment gateway startup Cashfree has scooped up $35.3 million in its Series B round led by London-based private equity fund Apis Partners’ Apis Growth Fund II. Existing investors Y combinator and Smilegate Investments also took part in the round.
The firm will utilise the fresh capital for enhancing the product and technology. Moreover, it also looks to develop new product verticals and make strategic investments. According to the company, its valuation has reached around $200 million.
The five-year-old startup launched by Akash Sinha and Reeju Datta processes online payments for over 50,000 large and small businesses through over half a dozen products including payment gateway, payouts, auto collect, UPI stack and marketplace settlement.
Cashfree is the only Indian startup in the payment gateway space to post profitability for three consecutive fiscal years. It had posted Rs 1.4 crore and Rs 4.1 crore profit after tax in FY18 and FY19 respectively.