The Payment Person Cashfree Payments is India's leading API and banking solutions company in the digital payments ecosystem. It has solved problems pertinent to payments and their infrastructure for businesses, thus assisting in their digitisation bid.
By Entrepreneur Staff •
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Cashfree Payments is India's leading API and banking solutions company in the digital payments ecosystem. It has solved problems pertinent to payments and their infrastructure for businesses, thus assisting in their digitisation bid. Instead of following the mainstream approach of a single-product tool, it introduced the concept of a payments platform in a fast-growing online market. It hosted multiple payment products which could work independently of each other.
Talking about the same, Akash Sinha, CEO & Co- Founder, Cashfree Payments says, "We understood very early that to take on complex payment problems, one has to create fundamental building blocks which could be further bundled together to bring more automation in payment solutions. With our recent product innovation endeavours, we have developed solutions in the BaaS (Banking as a Service) space while continuously addressing other market needs in payouts, tokenization, KYC, and verification, among other segments."
The software-based payments platform operates on the low code/ no code system. Their primary focus is reducing service delivery time while providing customers with the best return on investment. Major bottlenecks such as processing refunds, salaries, and merchant and vendor payments have been resolved via their product suites addressing the varying needs of the market. Talking about building a profitable business, Sinha says, "Cashfree Payments has been profitable since its inception, growing at 100% on a yearon- year basis.
The company has recorded a 48% growth in net profit to Rs. 25.22 crore for the financial year ended in March 2021. The company clocked operating revenue of Rs 227.33 crore during FY21. It has clocked revenue of Rs. 228.75 crore in FY21, growing 127% from the previous year. The organisation's total assets grew by 153% to Rs 654.79 crore at the end of FY21. Our target is to grow 5x by 2025." To date, comapny has served 25 crore+ customers across 3 countries. The vision is to serve 70-80 crore customers globally, across 50 more nations, by building robust solutions for global digital economy.
FACTS:
Year of inception: 2015
Number of employees: Over 800
No. of app downloads: onboarded 3,00,000+ merchants so far
Total amount of funding received: USD 45 million
