BENGALURU: City-based payment gateway Cashfree announced Monday it has raised strategic funding from India’s largest lender, State Bank of India (SBI), at a post-currency valuation of $ 200 million.
The company will use the funds to develop its payments infrastructure and invest in growth.
The latest fundraising comes less than a year after the company raised $ 35.3 million in its Series B funding round, led by Apis Partners, a growing financial services investor.
The six-year-old startup provides comprehensive payment solutions to businesses in India, enabling them to collect payments and make payments through various digital payment instruments. Other services include payment collection, vendor and salary payments, bulk reimbursements, expense reimbursements, and loyalty and reward offers.
“We are delighted with our partnership with the country’s leading trusted lender, SBI. The investment highlights Cashfree’s role in creating a payments ecosystem that enables quick and easy ways to collect payments and make payments for growing businesses. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation, ”said Akash Sinha, co-founder and CEO of Cashfree.
Cashfree claims to power 100,000 businesses and process transactions worth $ 20 billion annually. In addition to its home market, the company also has businesses in eight other geographies – including the United States, Canada and the United Arab Emirates – leveraging its solutions.
In India, the company’s customer base includes Zomato, CRED, Nykaa, Delhivery, Acko, Shell, among others, who use Cashfree’s solution for e-commerce payment collection, supplier payments and market settlements.
Prior to this round, Cashfree raised over $ 40 million in equity from Apis Partners, Smilegate and Y Combinator.
In April of this year, even corporate payment provider Razorpay raised $ 160 million as part of its Series E funding, and nearly tripled its valuation to $ 3 billion in six months.
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