BENGALURU, India, Feb. 7, 2022 /PRNewswire/ — Cashfree Payments, India’s leading payments and API banking solutions company, announced that it recorded a 48% growth in net profit to Rs. 25.22 crore for the financial year ended in March 2021, posting profits in four consecutive fiscals.
Cashfree Payments has successfully leveraged its intuitive and cutting edge technology to build products and services that are helping merchants and businesses to increasingly adopt digital payments for enhancing customer experience. It works with more than 1,00,000 companies to offer solutions such as payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards.
Cashfree Payments was founded with the vision of enabling businesses in India to accept and disburse payments around the clock. The company clocked operating revenue of Rs 227.33 crore during FY21. The five-year-old firm has clocked revenue of Rs. 228.75 crore in FY21, growing 127% from the previous year. The organization’s total assets grew by 153% to Rs 654.79 crore at the end of FY21.
Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are elated with our growth during FY21, which was a crucial year for us, as we took tremendous strides both strategically and operationally, despite the pandemic. This has laid a solid foundation for our aspirational progress to follow. We have been driven by a notion to devise innovative and effective payment solutions to enable businesses to operate with high efficiency, which essentially contributes to the country’s financial inclusion imperative as well. The support by our partners, merchant network and other stakeholders, has been really encouraging and motivates us to further enhance our operations. With the current momentum, we aim to grow 5X by 2025.”
In the current fiscal, India’s largest lender, State Bank of India (SBI) has made a strategic investment in the organisation. Additionally, the company announced an equity investment of $15 million in Telr, to expand its footprint in the MENA region, in its bid to enhance operations globally. On the human resources front, the company added 300 employees in 2021 to take the total employee count to 475. By the end of March 2022, it aims to have a strong workforce of 600+ employees.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products, and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.
About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.