Krafton, the South Korean gaming giant behind PUBG Mobile, has invested $100 million in Cashfree Payments, a Bangalore-based online payment platform. This investment is part of Krafton's strategy to expand into India's growing gaming and entertainment industry.
Cashfree Payments , a Bangalore-based online payment platform, has secured $100 million in a Series C funding round led by its existing backer Apis Partners, a U.K. investment firm. The round values Cashfree at $700 million, according to a source familiar with the matter. Joining Apis Partners in the funding round is Krafton , the South Korean gaming giant behind the popular battle royale game PUBG.
Krafton India CEO Sohn Hyunil stated that the company decided to back Cashfree due to its growing demand for payment systems tailored to India's media and entertainment sector, believing that Cashfree's dominant position in India can be replicated globally. Krafton's investment in Cashfree is part of its larger strategy to invest in India's burgeoning gaming industry. Krafton has already invested over $170 million in Indian gaming and entertainment companies since 2021, including game studio Nautilus Mobile and esports company Nodwin Gaming. The company's foray into India comes after its popular game, PUBG Mobile, was approved by the Indian government to relaunch in 2023 following a months-long ban. Krafton has earmarked $150 million specifically for investments in Indian gaming and entertainment companies. Cashfree, founded in 2015, facilitates online payment collection and payouts for merchants. It boasts a clientele of over 800,000 businesses, processing $80 billion worth of transactions annually. The startup has attracted a range of investors, including prominent Silicon Valley startup accelerator Y Combinator, State Bank of India, and Smilegate Investment, the venture capital arm of Korean billionaire. The company plans to utilize the fresh funds to enhance its payment offerings, particularly focusing on features that enable cross-border payments and user identification verification. Cashfree also aims to expand its operations into the United Arab Emirates. Cashfree cofounder and CEO Akash Sinha expressed confidence in the investment's ability to accelerate key initiatives, including cross-border and security innovations, as well as international expansion. Sinha emphasized the company's commitment to driving profitable growth while scaling its operations. Krafton's investment in Cashfree is also part of its broader strategy to diversify its revenue streams after years of relying heavily on its gaming business. Last September, Krafton invested 120 billion won ($90 million) in Spoon Labs, a Seoul-based company operating a short-form K-drama streaming platform
Cashfree Payments Krafton PUBG Mobile India Investment Fintech Gaming Entertainment
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