Graduating from Y Combinator, how Cashfree is gearing up to reach Rs 200cr in transaction value
Summary
On Monday, payments platform Cashfree announced having raised $120,000 in seed funding from Silicon Valley-based startup accelerator Y Combinator. According to the founders, the funds will be utilised for product development, hiring more individuals to sales and engineering platforms, strengthening bank partnerships, as well as for marketing engagements. Speaking on the investment, Michael Seibel, CEO and Partner, Y Combinator, said, “Payments innovation will play a major role in shaping the Indian economy. Speaking about the thought process at the time, Akash says, “We saw a lot of businesses suffering from the problem of bank transfers, finding it difficult to pay vendors. As Akash explains, a business has one account and it has to give out its bank details to some thousand vendors, losing count of whos been paid and who hasnt.