Cashfree Losses Widen By 2.17%, Revenue Up By 4.19% In FY24

Cashfree Losses Widen By 2.17%, Revenue Up By 4.19% In FY24

SUMMARY

Cashfree Payments saw its net loss widen by 2.17% to INR 136 Cr in the financial year 2023-24 (FY24) from INR 133.1 Cr in the previous fiscal year.

Meanwhile, the company's operating revenue increased by 4.19% to INR 639.3 Cr in the year under review from the reported INR 613.6 Cr in FY23.

Recently, the company received the Reserve Bank of India’s prepaid payment instrument (PPI) licence to facilitate purchase and fund transfer against a preloaded value.

Fintech platform Cashfree Payments saw its net loss widen by 2.17% to INR 136 Cr in the financial year 2023-24 (FY24) from INR 133.1 Cr in the previous fiscal year. 

The startup’s operating revenue increased by 4.19% to INR 639.3 Cr in the year under review from the reported INR 613.6 Cr in FY23.

Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree operates a full-stack digital payments solution platform. It enables businesses to collect payments and also offers API banking solutions. The startup earns a majority of its revenue from the sale of services, with commission income comprising a majority part of it.

Backed by the likes of Y Combinator, State Bank of India, Apis Partners, and others, the startup has so far raised over $40 Mn in total funding. It competes with the likes of Razorpay, Bill Desk, and PayU. 

Recently, the company received the Reserve Bank of India’s prepaid payment instrument (PPI) licence to facilitate purchase and fund transfer against a preloaded value.

PPI licences enable entities to issue prepaid payment instruments like cards or digital wallets that allow users to purchase goods and services, enable remittance facilities, conduct financial transactions and transfer funds to family and friends. 

This came after the company secured the payment aggregator cross border (PA-CB) licence.

Cashfree also has RBI’s payment aggregator-cross border licence for imports and exports. 

In December last year, Cashfree Payments secured the RBI payment aggregator licence.

It is also expanding its presence in the UAE region through its acquired partner, Telr. 

Lately, it has introduced products like Secure ID for onboarding KYC, FlowWise for payment orchestration, Risk Shield for fraud monitoring and more. Last year, it partnered with the National Payments Corporation of India (NPCI) to launch ‘AutoPay on QR’ for subscription-based enterprises. 

You have reached your limit of free stories
This Diwali, Get Up To 74% Off On Inc42 Plus

Become A Startup Insider With Inc42 Plus

Inc42 Plus Diwali Offer Ends In
countdownmail.com
2 YEAR PLAN
₹19999
₹6499
₹270/Month
UNLOCK 68% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3499
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Cashfree Losses Widen By 2.17%, Revenue Up By 4.19% In FY24-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Cashfree Losses Widen By 2.17%, Revenue Up By 4.19% In FY24-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Cashfree Losses Widen By 2.17%, Revenue Up By 4.19% In FY24-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Cashfree Losses Widen By 2.17%, Revenue Up By 4.19% In FY24-Inc42 Media
Cashfree Losses Widen By 2.17%, Revenue Up By 4.19% In FY24-Inc42 Media
You’re in Good company