Cashfree Payments posts profits in four consecutive fiscals
cityairnews
Feb 7, 2022 12:12
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Records 48% growth in net profit to over Rs. 25 Cr in FY21
Bengaluru, February 7, 2022: 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 be
