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PUBG Developer Krafton Co-Leads $53 Million Funding Round In India’s Payments Startup Cashfree

Feb 05, 2025 - forbes.com
Krafton, the South Korean gaming giant known for developing the popular game PlayerUnknown’s Battlegrounds (PUBG), has co-led a $53 million Series C funding round in Indian startup Cashfree Payments, alongside Apis Partners. This investment values the Bangalore-based startup at $700 million and is part of Krafton's strategy to tap into India's burgeoning gaming and entertainment sector. Krafton India CEO Sohn Hyunil expressed confidence in Cashfree's potential to replicate its success globally, particularly in payment systems tailored to India's media and entertainment industry. The funding will help Cashfree enhance its payment offerings, expand internationally, and focus on cross-border and security innovations.

Krafton's investment in Cashfree aligns with its broader strategy to diversify revenue streams beyond PUBG. The company has invested over $170 million in Indian startups since 2021, including Nautilus Mobile and Nodwin Gaming, and has earmarked $150 million for further investments in India's gaming and entertainment sectors. Additionally, Krafton recently invested $90 million in Spoon Labs, a Seoul-based K-drama streaming platform, as part of its efforts to reduce reliance on PUBG and explore new growth avenues.

Key takeaways:

  • Krafton, the developer of PUBG, co-led a $53 million Series C financing round in Indian startup Cashfree Payments, valuing the company at $700 million.
  • Krafton's investment in Cashfree is part of its strategy to capitalize on India's growing gaming industry and diversify its revenue streams.
  • Cashfree Payments, founded in 2015, serves over 800,000 businesses and processes $80 billion in transactions annually, with plans to expand into the UAE.
  • Krafton has invested over $170 million in Indian startups since 2021, including game studio Nautilus Mobile and esports company Nodwin Gaming.
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