Fintech Startup Cashfree Expands It’s Losses By 2.17% to INR 136 Cr, Revenue Rises By 4.19% to INR 639.3 Cr In FY24

Manvendra HadaNovember 5, 2024

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Three points you will get to know in this article:

Cashfree Payments’ net loss rose 2.17% to INR 136 crore.
Operating revenue increased 4.19%, reaching INR 639.3 crore.
Received PPI license from RBI for funds purchase and transfer.

Cashfree Payments Releases FY24 Results with Interesting Profit, Losses, Revenue Numbers

Cashfree Payments, a fintech platform, had its net loss increase by 2.17% to INR 136 crore in fiscal year 2023-24 (FY24) from INR 133.1 crore in the previous fiscal year.

The startup’s operating revenue climbed by 4.19% to INR 639.3 crore in the year under review, up from INR 613.6 crore in FY23.

Cashfree, founded in 2015 by Akash Sinha and Reeju Datta, provides a full-stack digital payment solution platform. It enables businesses to receive payments while also providing API banking options. The majority of the startup’s revenue comes from the selling of services, with commission income accounting for the majority of that.

Cashfree Payments Recent Developments With RBI

The company just got the Reserve Bank of India’s prepaid payment instrument (PPI) licence, which allows for the purchase and transfer of funds against a preloaded value.

PPI licenses allow organizations to issue prepaid payment instruments such as cards or digital wallets that allow customers to buy goods and services, make remittances, conduct financial transactions, and send monies to loved ones.

This arose after the company obtained a payment aggregator cross-border (PA-CB) permit.

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

Cashfree Payments acquired the RBI payment aggregator license in December of last year.

Cashfree Payments Funding, Investors, Presence, New Product Releases

The firm has raised more than $40 million in total funding, including from Y Combinator, State Bank of India, Apis Partners, and others. It competes with RazorPay, Bill Desk, and PayU.

It is also extending its presence in the UAE through the acquisition of Telr.

Recently, it has released solutions such as Secure ID for onboarding KYC, FlowWise for payment orchestration, Risk Shield for fraud detection, and others. Last year, it collaborated with the National Payments Corporation of India (NPCI) to introduce ‘AutoPay on QR’ for subscription-based businesses.