Samreen Ahmad · · 2 min readYC-backed Cashfree pours $15m into Telr for majority stake
India-based Cashfree Payments announced an equity investment of US$15 million in Telr, a payment service provider in the United Arab Emirates and Saudi Arabia.
Cashfree Payments co-founders Reeju Datta (left) and Akash Sinha / Photo credit: Cashfree Payments
With the deal, Y Combinator-backed Cashfree becomes the single largest shareholder in Dubai-headquartered Telr.
The investment will enable Cashfree to launch its offerings in the Middle East and North Africa (MENA) region by leveraging Telr’s payment infrastructure.
“Having established a firm footing in India, we are certainly looking to expand into new regions. Our target markets are the ones which have witnessed an increase in digitalization and have support via favorable policies of native governments,” Akash Sinha, co-founder and CEO of Cashfree Payments, told Tech in Asia.
Cashfree and Telr also aim to develop a unified cross-border payments platform that would help Indian merchants accept payments from customers in MENA and vice-versa.
Telr enables payments in over 120 currencies and 30 languages.
Founded in 2015, Cashfree is a payment and API banking solutions company. It provides full-stack payments solutions that enable businesses in India to collect money and make payouts.
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In March, Cashfree announced a partnership with PayPal to enable international payments for merchants. The Cashfree platform is used by businesses including Zomato, Cred, Nykaa, Delhivery, Acko, and Shell.
Editing by Collin Furtado and Arpit Nayak
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