Silicon Valley's Y Combinator-backed payments startup Cashfree has raised $5.5 million (over ₹38 crore) in a Series A funding round led by South Korean venture capital firm Smilegate Investment. Co-founded in 2015 by IIT Kharagpur alumnus Reeju Datta and IIIT Hyderabad alumnus Akash Sinha, the Bengaluru-based startup helps businesses collect and disburse payments via methods including UPI.