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.
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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.
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