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Digital payments processor Cashfree has appointed Harsh Gupta, former Senior Vice President, Razorpay, as its new Chief Revenue Officer (CRO), as a part of its larger plan to bolster growth.
Arun Tikoo, the current Chief Business Officer will spearhead international expansion of the company’s business across new markets by aligning it with the larger goal of servicing 10+ emerging geographies in next 3 years.
However, people close to the development said that the Banking and Alliance lead Anshul Lal may leave.
In his new role, Harsh will spearhead the company’s growth initiatives along with expanding market presence in India. He will lead the company’s go-to-market strategy across sales, revenue operations, and more, as Cashfree Payments enters its next stage of growth. He will, additionally, be responsible for building and scaling strategic partnerships too.
These appointments come at a pivotal moment for Cashfree Payments, which has made several strategic hires over the past year to support its growth ambitions and market expansion plans.
The company had raised its last funding round in June 2021 from State Bank of India (SBI) at a post-money valuation of $200 million. The firm has raised over $44 million to date, data from Tracxn shows.
Cashfree Payments transaction volume has grown by nearly 30 per cent after the Reserve Bank of India (RBI) lifted the ban and granted the company final PA licence in December, a senior executive had told businessline in an earlier interview.
“The transaction volume has grown by 25 to 30 per cent just in one quarter,” Akash Sinha, CEO and co-founder of the Bengaluru-based payments company told businessline.
The platform has also seen nearly 35,000 merchant leads per month, which is 75 per cent higher than when the company was not onboarding merchants.
In FY23, the online payments processor and aggregator’s losses jumped 46 times to ₹133 crore loss compared to ₹3 crore in FY22, even as operating revenue jumped 75.43 percent to ₹614 crore. The company has a merchant base of over 6 lakh.
Cashfree is aiming to return to profitability by the first quarter of FY25.
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