Existing investor Smilegate returned in a $35.5m round for the online payment processor that was led by Apis Partners' Growth Fund II.

Cashfree, an India-based digital payment technology producer, has raised $35.5m in a series B round that included video game developer Smilegate.

Private equity firm Apis Partners led the round with a $35m investment through its Apis Growth Fund II, and it also featured existing investors including accelerator operator Y Combinator.

Cashfree’s platform is used by more than 50,000 merchants to process payments through mechanisms including debit cards, credit cards, online financial transfers and the mobile-based Unified Payments Interface (UPI) system.

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