Cashfree gets the backing of State Bank of India

Inclusion Times
Inclusion Times

Bengaluru-based Cashfree announced today that the State Bank of India (SBI) has invested an undisclosed amount. The country's largest public sector lender- SBI joins the list of current investors in Cashfree. Some of these investors include Apis Partners, Smilegate and Y Combinator.

In November 2020, the company raised $35 million in Series B funding round led by Apis Growth Fund II and existing investor Y Combinator, at a valuation of around $300 million.

“We are excited about our partnership with the country’s trusted and leading lender SBI. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation.” Akash Sinha, co-founder and chief executive officer at Cashfree.

Businesses like Zomato, CRED, Nyla, Delhivery, Accor and Shell for e-commerce are popular firms that make use of the company’s payments processing platform to vendor payments and marketplace settlements.

Sinha and Reeju Datta are the brains behind Cashfree. The company which was founded in 2015, processes online payments for Indian businesses. The company specializes in payment settlement processing transactions through channels and instruments including credit card, debit card, net banking, UPI and popular wallets.

Cashfree claims to have clocked a revenue of Rs 100 crore in 2020-21. It also claims to process annual transactions worth $20 billion. The Apart from India, Cashfree’s products are used in eight other countries including the United States, Canada, and the United Arab Emirates.

India in focus

GDP: $2.869 trillion compared to Canada's $1.736 trillion in 2019

Population: 1.366 billion compared to Canada's 37,593,384 in 2019

GDP per capita: $2,099 compared to Canada's $46,189 in 2019

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