Krafton leads Cashfree’s financing of $ 53 million, with a rate of $ 700 million
Cashfree, an Indian startup company that facilitates and processing more than 80 billion dollars to its customers every year, has collected $ 53 million in a new round of financing as it is preparing to deepen its presence in some international markets.
The two said on Wednesday that Krafton, the Sleeper Hit title maker like PUBG and BGMI, led the Cashfree financing chain alongside the current investor application programming facades. The 9 -year -old financing is estimated Up to $ 100 million so farAt $ 700 million, according to a source familiar with the conditions.
It is an extraordinary deal – a game that invests in a start -up company for payments – but the two companies see the strategic value in the partnership, CEOs told Techcrunch in an interview.
“Krafton is a great organization, very active in the space of online digital content and payment companies like us, you see a great opportunity in the market in addition to e -commerce, travel and other financial services,” he said in an interview. “There is a synergy about building smooth payment flows for smaller ticket sizes.”
In Cashfree, Krafton has found a partner in the reliable payments for itself as well as the country’s startup’s portfolio, many of which will explore the transformation of the Bengaluro company in the future. They said that while the two companies are not currently dealing with payments for games like BGMI, discussions are ongoing and it is expected to expect a partnership soon.
“The technology industry in India is witnessing remarkable growth, and we believe that the dominant position of Cashfree Payment in India can be repeated worldwide,” said Sean Heunil Sun, CEO of Crafton India.
The Bangjaj -based Startup offers its headquarters, whose customers include Swiggy, Zepto and Bajaj Finance, a range of products including payment and automatic payment portal services for innovative features such as Paytophone for transfers based on mobile devices and fraud prevention risks.
Cashfree has created itself as one -wheel drive. In addition to its broad local operations, with more than 180 options for paying and immediate settlement features, the startup of the Middle East expands. It targets six main markets in particular – the United Arab Emirates, the Kingdom of Saudi Arabia, Egypt and three smaller markets, including Jordan and Kuwait – where these countries are developing their local payment systems such as UPI and RUPay networks in India.
“Mina is great enough,” said Sinha. We want to be a pioneer in this market. We focus on six large markets such as the Saudi Emirates and Egypt and three smaller markets such as Jordan and Kuwait. “
Cashfree founders stumbled on payments by chance. In 2015, Akash Sinha and Reeju Datta began a basic service: helping to connect restaurants in Bangalore to collect cash from customers. It has not worked in payments before. But when their restaurant customers asked for online payment options, they discovered a more chance.
The first investors were not convinced. Many questioned the start of the payment processing quickly enough for importance. Ycombinator’s acceptance has changed this path, although the founders have missed the appointments of the application and were unable to reach the batch on time.
The startup company recently secured two additional licenses, including licenses for cross -border transactions, and it started directly with many international customers.
Cashfree technology staple allows companies to process up to 12,000 transactions per second during the peak for order. The startup company has also developed SECUREID, an identity verification system that has led to more than a billion verification so far, helping companies to combat fraud while reducing customer decline during navigation.
Cashfree is one of the first companies to receive a mandate from the Central Bank of India to work as a payment complex for both local and international transactions. The startup, which was embraced by PayPal, calculates Y Combinator and the State Bank in India among its former supporters.
For Crafton, the investment is in line with its broader strategy in India, where it has invested Almost 200 million dollars Through many startups.
