Fintech

Cashfree eyes unicorn status with Premji backing; fintechs’ credit-card wait continues

Pratik Bhakta

Madhav Chanchani

April 22, 2022 | 6 Min Read

The Crux newsletter this week. Payment-gateway player Cashfree, last valued at $200 million, is poised for a 6x bump. Plus, RBI’s latest notification has little for fintechs eager to start a credit card business.

Payment-gateway company Cashfree, which counts Y Combinator among its backers, is in discussions to raise a new funding round at a valuation of nearly $1.3 billion, said two people briefed on the matter.

PremjiInvest, the family office of Wipro founder and philanthropist Azim Premji, is considering leading the round. The exact size is not clear, but it may top $100 million. The deal is expected to be finalised in up to two months.

Why it’s a big deal: The development comes after lengthy negotiations.

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