# Cashfree

> Source: https://docs.barcoder.ai/docs/wallets/cashfree
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Cashfree — official](https://www.cashfree.com/)

## Overview

**Cashfree Payments** is **India's leading B2B payments-infrastructure company** + **>50% Indian payout-market share** <sup>[1][1], [2][2], [India report](https://docs.barcoder.ai/docs/payments/IN)</sup>. **2025 baseline**:
- **Businesses served**: **1.5+ million merchants** (some sources cite 12 lakh+ = 1.2M+)
- **Annual transaction volume**: **$40+ billion** (some sources cite **$80B since 2015**)
- **Payout market share**: **>50%** — distinctive B2B payments-infrastructure dominance

**February 2025 — Cashfree Series C** <sup>[3][3]</sup>:
- **$53 million Series C** at **$700 million valuation**
- **Lead investor**: **Krafton** (Korean gaming giant; PUBG Mobile + Battlegrounds Mobile India publisher)
- **Cashfree positioning**: "B2B payments infrastructure company that the Indian internet economy most depends on"

**Cashfree Payouts dominance**: vendor payouts + wage disbursements + bulk refunds + recurring payouts — distinctive payouts-leadership vs Razorpay's checkout-leadership.

## History

**2015 — Cashfree founded** <sup>[2][2]</sup> by **Akash Sinha + Reeju Datta** in Bangalore.

**Y Combinator alumni** (W2017 batch).

**2018-2024 — IN B2B payments-infrastructure scaling** <sup>[1][1]</sup>: 1M+ → 1.5M+ businesses.

**February 2025 — $53M Series C at $700M valuation led by Krafton** <sup>[3][3]</sup>.

**2025 — 1.5M+ merchants + $40B+ annual TPV + >50% payout market share** <sup>[2][2], [4][4]</sup>.

## Ownership & operator

**Operating entity**: **Cashfree Payments India Private Limited**.

**Co-founders**: **Akash Sinha (CEO) + Reeju Datta**.

**Major investors**: **Krafton (lead Feb 2025 Series C)** + **Apis Partners + State Bank of India (SBI; via SBI Venture Capital) + Y Combinator + InResolution + others**.

**Regulator**: **RBI (Reserve Bank of India)** — Payment Aggregator license + Payout Services.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Cashfree API + merchant checkout + Cashfree Payouts |
| **Identifiers** | Card + UPI + bank account |
| **IN rail** | **[UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** (NPCI national A2A rail) |
| **Sub-products** | Cashfree Payments (collections/checkout) + Cashfree Payouts (vendor + wage + bulk refunds) + Cashfree International + Cashfree Verification |
| **Customer focus** | B2B (1.5M+ Indian businesses) |
| **License** | RBI Payment Aggregator + Payout Services |
| **Distinctive** | >50% IN payout market share (dominant B2B payments infrastructure) |

## Users & growth

**2025 baseline** <sup>[2][2], [4][4]</sup>:
- **Businesses served**: 1.5+ million merchants
- **Annual TPV**: $40+ billion
- **Cumulative TPV since 2015**: $80B+
- **Payout market share**: >50% (B2B payments-infrastructure dominance)
- **Feb 2025 Series C valuation**: $700 million
- **Feb 2025 Series C raise**: $53M (Krafton lead)

## Use cases

Indian B2B payments infrastructure (1.5M+ businesses; $40B+ annual TPV); merchant checkout (collections); Cashfree Payouts (vendor payouts + wage disbursements + bulk refunds + recurring); Cashfree International cross-border; Cashfree Verification (KYC + business verification).

## Implementations & partners

**Operator**: **Cashfree Payments India Private Limited** (Akash Sinha CEO + Reeju Datta).

**Major investors**: **Krafton (lead Feb 2025 Series C) + Apis Partners + State Bank of India / SBI Venture Capital + Y Combinator + InResolution + others**.

**Major Indian B2B payment-aggregator competitors**:
- **[Razorpay](https://docs.barcoder.ai/docs/wallets/razorpay)** (IN B2B payment-aggregator; 8M businesses + $180B annual TPV + 2026 IPO target $5-6B)
- **[Pine Labs](https://docs.barcoder.ai/docs/wallets/pine-labs)** (IN POS + merchant-commerce; NSE+BSE listed Nov 14 2025; ~$3.3B market cap)
- **PayU India** (Prosus-owned)
- **CCAvenue** (Infibeam Avenues subsidiary)
- **PhonePe Business** (Walmart-owned)
- **Paytm Business** (Paytm consumer + merchant)

**Regulator**: **RBI**.

## Fun facts

- **2015 founding** by Akash Sinha + Reeju Datta — Y Combinator (W2017 batch) alumni.
- **>50% Indian payout market share** — distinctive B2B payments-infrastructure dominance.
- **1.5M+ businesses + $40B+ annual TPV + $80B+ cumulative since 2015**.
- **February 2025 $53M Series C at $700M valuation led by Krafton** (Korean gaming giant; PUBG Mobile + BGMI publisher).
- **State Bank of India (SBI) Venture Capital investor** — distinctive Indian-state-bank-backed fintech.
- **Distinctive payout-leadership vs Razorpay's checkout-leadership** — IN B2B payments duopoly with different vertical strengths.

## Comparison

| Feature | Cashfree | [Razorpay](https://docs.barcoder.ai/docs/wallets/razorpay) (IN B2B payment-aggregator checkout-leader) | [Pine Labs](https://docs.barcoder.ai/docs/wallets/pine-labs) (IN POS + merchant-commerce listed) | PayU India (Prosus-owned) | CCAvenue (IN payment gateway) |
|---|---|---|---|---|---|
| Operator | **Cashfree Payments India Private Limited (Akash Sinha CEO + Reeju Datta; Krafton lead Feb 2025 + Apis + SBI Venture + Y Combinator backed)** | Razorpay Software Private Limited (Harshil Mathur CEO + Shashank Kumar CTO; Tiger Global + Sequoia + Mastercard + GIC) | Pine Labs Limited (NSE+BSE listed Nov 14 2025) | PayU India (Prosus-owned) | CCAvenue (Infibeam Avenues subsidiary) |
| Type | **IN B2B payments infrastructure (payouts-dominant + checkout)** | IN B2B payment-aggregator (checkout-leader + Razorpay X neobanking + Capital lending) | IN merchant-commerce platform (POS + Setu + Mosambee + Qwikcilver + Fave) | IN payment aggregator | IN payment gateway |
| Customers | **1.5M+ merchants + $40B+ annual TPV** | 8M businesses + $180B annual TPV | 915K+ merchants + ₹7.5 lakh crore GTV 9M FY25 | Major IN | Major IN |
| Valuation | **$700M (Feb 2025 Series C)** | $5-6B IPO target end-2026 (vs $7.5B peak) | ~$3.3B market cap (Nov 14 2025 IPO) | Prosus parent-anchored | Infibeam Avenues parent |
| Distinctive | **>50% IN payout market share; Krafton-led Feb 2025 Series C; payouts-leadership; SBI Venture-backed** | Reverse-flip US→IN Apr 2025; Mastercard investor; checkout-leadership | Nov 14 2025 IPO; PayPal strategic shareholder; sub-brand stack | Prosus-owned (Naspers spin-off) | Long-vintage IN gateway |

## Status

**Active, India's leading B2B payments infrastructure with payout-leadership** <sup>[1][1], [3][3]</sup>:
- **Cashfree Payments India Private Limited (Akash Sinha CEO + Reeju Datta)** since 2015.
- **1.5M+ businesses + $40B+ annual TPV + $80B+ cumulative since 2015 + >50% IN payout market share**.
- **February 2025 $53M Series C at $700M valuation led by Krafton (Korean gaming)**.
- **Backed by SBI Venture Capital + Apis Partners + Y Combinator + InResolution + others**.
- **RBI Payment Aggregator + Payout Services licensed**.

## Sources

[1]: https://www.cashfree.com/ "Cashfree — official"
[2]: https://thedmschool.com/cashfree-india-review/ "Cashfree IN 2025 review — DM School"
[3]: https://techcrunch.com/2025/02/04/krafton-leads-cashfrees-53m-funding-at-700m-valuation/ "Krafton leads Cashfree $53M $700M valuation — TechCrunch"
[4]: https://valueforstartups.in/28-cashfree "Cashfree investor report $700M VFS"
[in-cro]: https://docs.barcoder.ai/docs/payments/IN

- [1] [Cashfree — official][1]
- [2] [Cashfree IN 2025 review — DM School][2]
- [3] [Krafton leads Cashfree $53M — TechCrunch][3]
- [4] [Cashfree investor report VFS][4]
- <sup>[India report](https://docs.barcoder.ai/docs/payments/IN)</sup> In-corpus: `reports/countries/IN-india.md`

## Source

Biography extracted from [cashfree.md](https://docs.barcoder.ai/source/wallets/cashfree). See `matrix.md` for standards-support matrix if present.