Cashfree Payments Firm's Revenue Hits Rs 614 Crore in FY23, Despite Rs 133 Crore Loss: Reports
The SBI-backed Cashfree reported revenue from operations at Rs 614 crore in FY23 from Rs 350 crore in FY22 which is a considerable growth, according to its financial statements filed with the Registrar of Companies (RoC).
New Delhi, January 4: Online payments and banking technology firm Cashfree has reported a Rs 133 crore loss in FY23 from just Rs 3 crore in FY22, owing to a substantial cost increase in employee benefits and payment processing, the media reported on Thursday. The SBI-backed Cashfree reported revenue from operations at Rs 614 crore in FY23 from Rs 350 crore in FY22 which is a considerable growth, according to its financial statements filed with the Registrar of Companies (RoC).
The online payments processor and aggregator registered 75.43 per cent growth in its operating scale in FY23, reports Entrackr. The commission charged from the merchants increased 75 per cent to Rs 613.29 crore in the last fiscal year. India Tech Startup 2023: Despite Facing Global Challenges, India Remains Third Largest Tech Startup Ecosystem, With Over 950 Startup Founded Last Year, Says Report.
The processing charges accounted for 59 per cent of Cashfree’s total expenditure, which increased 2.1 times to Rs 446 crore during FY23 from Rs 208 crore in FY22, the report mentioned. Last month, Cashfree received final authorisation from the Reserve Bank of India (RBI) to operate as payments aggregators (PA). Cashfree Payments also announced its foray into payment orchestration with the launch of ‘FlowWise’.
With FlowWise, Cashfree introduced an industry-first concept of 'self-hosted payments orchestration', allowing payment management to take place directly on the merchant's infrastructure. “FlowWise will assist merchants to reduce payment processing costs up to 40 per cent, along with enabling them to provide a seamless checkout experience,” said Akash Sinha, CEO and Co-founder, Cashfree.
In February last year, Cashfree acquired Zecpe, a one-click checkout company, to enhance its direct-to-consumer (D2C) checkout capabilities. Cashfree is among the leading payment service providers in India processing transactions worth $40 billion annually. Microsoft Rebrands Its Edge Browser on iOS and Android to ‘Microsoft Edge: AI Browser’, Offers Built-In Copilot To Enhance Browsing Experience.
Apart from India, Cashfree Payments products are used in eight other countries. Cashfree is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
(The above story first appeared on LatestLY on Jan 04, 2024 07:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).