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- Cashfree Payments
Cashfree Payments Revenue, Valuation, Funding & Investors
Cashfree Payments is valued at $700M as of February 2025, a 10.3x multiple on its last reported $68M revenue.
Last Cashfree Payments valuation
$700M
Series C · Feb 2025
Last Cashfree Payments funding round
$53M
Series C · Feb 2025
Cashfree Payments revenue
$68M
Series C · Feb 2025
Key investors in Cashfree Payments
Y Combinator
Smilegate Investment
Apis Partners
CABRA VC
Seth Weinstein
Musha Ventures
About Cashfree Payments
Cashfree Payments is a full-stack payments processor enabling UPI, card, net banking, and wallet transactions for Indian merchants. It facilitates instant settlements, refunds, and vendor payouts through a dedicated business app. Bengaluru-headquartered since 2015, the platform powers e-commerce, gig economy, and SaaS billing nationwide.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$68M (Feb 2025)
Valuation
$700M (Feb 2025)
Cashfree Payments Valuation
Cashfree Payments is currently valued at $700M, based on its Series C in February 2025.
The $53M round was led by Krafton, with participation from Apis Partners.
Cashfree Payments valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2025 | Series C | $700M | 10.3x |
Cashfree Payments Revenue
Cashfree Payments' latest recorded revenue is $68M, as of its Series C in February 2025. At a $700M valuation, that implies a 10.3x revenue multiple.
Cashfree Payments revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2025 | $68M | $700M | 10.3x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cashfree Payments Funding History
Cashfree Payments has raised a total of $94M across 4 funding rounds.
Cashfree Payments' first fundraising round was a $100K seed round in August 2017. The most recent completed round was a $53M Series C in February 2025.
Cashfree Payments funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2025 | Series C | Krafton (lead); Apis Partners | $53M | $700M | Cashfree Payments, a Bengaluru-based payments company founded in 2015, provides a suite of fintech services including payment gateways, automated payouts, vendor payments, cross-border transfers, one-click checkout, fraud prevention via RiskShield, and PayToPhone for mobile-based transfers. It serves over 800,000 businesses in India, including major clients like Swiggy, Zepto, Bajaj Finance, BigBasket, Cred, and Zoomcar, and processes $80 billion in transaction volume annually. The company focuses on empowering digital transactions with security and efficiency, targeting sectors like e-commerce, travel, financial services, and now media/entertainment through synergies with investor Krafton. On February 4-5, 2025, Cashfree raised $53 million (INR 450 crore) in a Series C funding round led by Korean gaming giant Krafton, with participation from existing investor Apis Growth Fund II managed by Apis Partners (UK). This brings total funding to nearly $100 million. Sources familiar with the deal report a post-money valuation of $700 million. Krafton, known for PUBG and BGMI, sees strategic alignment in partnering with Cashfree for seamless payments in digital content, gaming, and its Indian startup portfolio, with potential future integrations like BGMI payments. The funds will accelerate product innovation in cross-border payments and security, fuel international expansion into markets like UAE, Saudi Arabia, Egypt, Jordan, and Kuwait in the MENA region, and deepen presence in six key marketplaces. In FY25, Cashfree reported 130% growth in merchant signups year-over-year, anticipates robust revenue growth from increased wallet share and cross-selling, and emphasizes profitable, sustainable scaling. CEO Akash Sinha highlighted opportunities in smaller ticket payments alongside Krafton's digital content ecosystem, while Krafton India CEO Sean Hyunil Sohn noted Cashfree's potential for global replication of its Indian dominance. |
| Nov 2020 | Series B | Apis Partners (lead); Y Combinator; Smilegate Investment; CABRA VC | $35M | - | Cashfree Payments, a Bengaluru-based fintech founded in 2015 by Akash Sinha and Reeju Datta, provides payments solutions enabling businesses to collect and disburse payments via credit cards, debit cards, net banking, UPI, and wallets. On November 24, 2020, it raised $35.3 million in its Series B round, the largest to date, led by Apis Growth Fund II with participation from existing investors Y Combinator and Smilegate Investment. The funding aimed to support growth plans, including new products like instant settlements to reduce merchant working capital gaps and selective acquisitions for geographic and product expansion. As of March 2020, prior to the round, Cashfree processed over $12 billion in annualized payment volume, reflecting rapid acceleration post-Covid-19 due to e-commerce growth. The company had been profitable for three years by late 2020 and maintained a leadership position with innovative products addressing merchant and customer needs. Cashfree competed in India's crowded payments market but differentiated through profitability and unique offerings. Apis Partners highlighted its hyper-growth and potential in digital payments. This 2020 round brought total funding to $42 million, preceding later raises like the 2025 $53 million Series C led by KRAFTON with Apis participation. |
| Apr 2019 | Series A | Smilegate Investment (lead); Y Combinator; George Osborne; Vellayan Subbiah; Seth Weinstein; CABRA VC | $6M | - | Cashfree Payments, a Bengaluru-based fintech founded in 2015 by Akash Sinha and Reeju Datta, raised $5.5 million in a Series A funding round on April 9, 2019, led by Smilegate Investment. Existing investor Y Combinator participated alongside George Osborne, former UK Finance Minister, and Vellayan Subbiah, former MD of Cholamandalam Investment. The company provides payment gateway and bulk payout solutions for businesses in India, serving over 12,000 customers including Xiaomi, Tencent, Zomato, Cred, Club Factory, ExxonMobil, and Dunzo at the time. Funds were intended to scale operations, enhance banking service integrations, and expand presence in Delhi and Mumbai. |
| Aug 2017 | Seed | Y Combinator (lead); Seth Weinstein; Musha Ventures | $100K | - | - |
Who has invested in Cashfree Payments?
9 investors have backed Cashfree Payments across its funding rounds, including Y Combinator, Smilegate Investment, Apis Partners, CABRA VC, Seth Weinstein and Musha Ventures.
Lead investors include Krafton, Apis Partners, Smilegate Investment and Y Combinator.
Cashfree Payments Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Aug 2017 | ||
| 2 | Lead | Nov 2020 | ||
| 2 | Lead | Apr 2019 | ||
| 2 | Participant | Aug 2017 | ||
| 2 | Participant | Apr 2019 | ||
| 1 | Lead | Feb 2025 | ||
| -- | 1 | Participant | Apr 2019 | |
This data is available for Pro users. Sign up to see all 9 Cashfree Payments investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Cashfree Payments
Cashfree Payments has acquired 2 companies to date.
Last acquisition by Cashfree Payments was on February 28th 2023. Cashfree Payments acquired Zecpe for undisclosed valuation.
Latest Acquisitions by Cashfree Payments
| Description | Zecpe is an Ahmedabad-based one-click checkout widget for e-commerce sites. The tool embeds payment gateways without page redirects, supporting 100+ currencies and methods including UPI and wallets. Zecpe employs AI fraud detection to minimize returns, integrating with Shopify, WooCommerce, and Magento for Indian and Southeast Asian merchants. | Telr is a Dubai-based payment gateway provider serving SMEs, government entities, and large corporations across the MENA region. Established in 2014, it supports transactions in 120 currencies and 30 languages, featuring social commerce, QR codes, anti-fraud tools, shopping cart integrations, and digital invoicing. The platform holds PCI DSS Level 1 certification, the first in MENA, and accommodates complex payment methods. Telr expands in UAE, Saudi Arabia, and India, earning awards like Startup of the Year in 2014, Best Payment Product in the Middle East in 2015, and Innovative Vendor in Fintech at the 2017 GEC Awards. |
| HQ Country | ||
| HQ City | Gurgaon | Dubai |
| Deal Date | 28 Feb 2023 | 30 Nov 2021 |
| Valuation | undisclosed | $15M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Cashfree Payments acquisitions and their M&A valuation multiples. Start Free Trial | ||
Cashfree Payments Competitors
Cashfree Payments competitors include listed companies like PaySign and Digital Garage, and private ones like Mudflap, Paysend, TrueLayer and Speedchain.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $700M | - | ||
| Private | $100M | - | $700M | 7.0x | ||
| Private | $27M | - | $700M | 25.9x | ||
| Publicly listed | $82M | $16M | $701M | 6.4x | ||
| Publicly listed | $263M | $51M | $706M | 1.9x | ||
| Private | - | - | $720M | - |
Cashfree Payments Public Comps
Cashfree Payments is still privately-owned, but its public comps include PaySign, Digital Garage, SLR Digital Finance, Seshaasai, SZZT Electronics Co, LINE Pay Taiwan, AvenuesAI, Worldline, Hightech Payment Systems and PayPoint.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $82M | $16M | 8.3x | 6.4x | 43.3x | 20.7x | |||
| $263M | $51M | 1.9x | 1.9x | 10.0x | 10.3x | |||
| $224M | $219M | 6.2x | 6.9x | 6.4x | - | |||
| $150M | $41M | 3.9x | 3.7x | 14.4x | 14.2x | |||
| $148M | ($7M) | 6.9x | 4.5x | (143.3x) | - | |||
| $247M | $24M | - | - | - | - | |||
| $846M | $39M | 0.6x | - | 13.4x | - | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
This data is available for Pro users. Sign up to see all Cashfree Payments competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cashfree Payments
| When was Cashfree Payments founded? | Cashfree Payments was founded in 2015. |
| Where is Cashfree Payments headquartered? | Cashfree Payments is headquartered in Bangalore, India. |
| Is Cashfree Payments publicly listed? | No, Cashfree Payments is a private, VC-backed company. |
| What is Cashfree Payments' valuation? | Cashfree Payments was last valued at $700M in its Series C in February 2025. |
| How much funding has Cashfree Payments raised? | Cashfree Payments has raised $94M across 4 funding rounds. |
| What was Cashfree Payments' last funding round? | Cashfree Payments' last funding round was a $53M Series C in February 2025, led by Krafton. |
| Who are Cashfree Payments' investors? | Cashfree Payments' investors include Y Combinator, Apis Partners, Smilegate Investment, Seth Weinstein, CABRA VC, Krafton, George Osborne, Vellayan Subbiah and Musha Ventures. |
| What is Cashfree Payments' revenue? | Cashfree Payments' latest recorded revenue is $68M (February 2025). |
| What is Cashfree Payments' revenue multiple? | Cashfree Payments' latest valuation implies a 10.3x revenue multiple ($700M valuation on $68M of revenue). |
| Which companies are comparable to Cashfree Payments? | Companies comparable to Cashfree Payments include Mudflap, Paysend, TrueLayer, PaySign, Digital Garage and Speedchain. |
| How many companies has Cashfree Payments acquired? | Cashfree Payments has acquired 2 companies, including Zecpe and Telr. |
| What was the largest acquisition by Cashfree Payments? | The $15M acquisition of Telr in November 2021 is the largest acquisition Cashfree Payments has made to date. |
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