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Fintech platform Cashfree Payments saw its net loss widen to ₹133.1 crore in the financial year 2022-23 from ₹2.9 crore in the previous year. The company’s operating revenue increased to ₹613.8 crore in the fiscal year 2023 from ₹349.9 crore in FY22.
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 start-up earns a majority of its revenue from the sale of services, with commission income comprising a majority part of it.
Cashfree’s commission income increased to ₹613.3 crore in FY23. On the other hand, the start-up earned ₹51.4 lakh as set-up fees from merchants.
Cashfree’s total revenue including interest income and other non-operating income, stood at ₹616.9 crore in FY23 as comapred to ₹350.3 crore in the previous year.
The firm’s total expenses more than doubled to ₹750 crore in FY23 from ₹354.2 crore in the previous year, with employee benefit expenses accounting for the biggest part of it.
Backed by the likes of Y Combinator, State Bank of India, Apis Partners, and others, the start-up has so far raised over $40 million in funding. It competes with the likes of Razorpay, Bill Desk, and PayU.
In FY23, Cashfree, along with Open, PayNearby, and Fairexpay, also received a nod from the Reserve Bank of India (RBI) for cross-border payments in the country.
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