India’s Cashfree Payments lands $53m Series C led by Korean gaming giant Krafton
Indian paytech Cashfree Payments has secured a $53 million Series C funding round to help drive its planned expansion into the Middle East and North Africa (MENA) region.

Cashfree CEO and co-founder Akash Sinha
The round was led by Korean gaming giant Krafton with support from UK-based investor Apis Growth Fund, an existing backer of Cashfree.
According to a report by TechCrunch, a source familiar with the deal says the round values the paytech at $700 million.
Founded in 2015, Cashfree serves over 800,000 businesses with its suite of payment services, covering vendor payouts, wage disbursements, payment collections, e-commerce refunds, cross-border payments, one-click checkout, and insurance claims processing, among other services.
The Bengaluru-based company counts major Indian firms like BigBasket, Cred, and Zoomcar as clients, and currently claims to process $80 billion in transactions annually.
Announcing the funding, Cashfree CEO and co-founder Akash Sinha says the investment will “help us accelerate our key efforts”, with a focus on boosting its cross-border and security features and driving its “international expansion”.
On the company’s planned expansion, Sinha tells TechCrunch that the firm is “focusing on six big marketplaces like UAE, Saudi, Egypt and three smaller markets like Jordan and Kuwait”.
The funding announcement comes after the firm named former PhonePe director Nitin Pulyani as its new head of product and SVP last September. Pulyani’s remit will support the company’s impending expansion, focusing on “products and solutions that cater to the evolving needs of businesses both in India and globally”.