South Korea's Krafton leads $53 million funding in India's Cashfree

Indian digital payments firm Cashfree has raised $53 million in a funding round led by South Korean video game developer Krafton, the company said on Wednesday.

The round also saw participation of existing backer Apis Partners, a UK-based private equity investor, Cashfree said in a statement.

Cashfree helps merchants in India collect payments online and make payouts. Last year, it secured the Reserve Bank of India's authorization to facilitate cross-border transactions.


Chief executive Akash Sinha said that the fresh capital will help "accelerate our key efforts across cross-border and security innovations and international expansion."

While Cashfree didn't disclose its valuation, two sources familiar with the matter said that the Bengaluru-based firm is valued at around $700 million.

The funding comes at a time when India's digital payments segment is seeing subdued interest from investors.

In 2024, the sector saw funding worth $194 million, a 77% decline to the $836 million raised in 2023, according to data from market intelligence platform Tracxn.