Bengaluru-based digital payment leader Cashfree Payments posted a modest 4.7% growth in revenue for the fiscal year ending March 2024, with operational revenue increasing to Rs 642.7 crore from Rs 613.8 crore in FY23. The company’s earnings, submitted to the Registrar of Companies, show all revenue derived from transaction fees and business services.
Despite steady revenue, Cashfree faced increased operational challenges. Employee expenses surged by 23% to Rs 245 crore, contributing to total expenses of Rs 779.43 crore, slightly up from FY23. Material costs held steady at Rs 426.6 crore, but additional costs like MDR, infrastructure, and compliance fees impacted expenditure. Non-operating income, including bank deposit earnings and tax refunds, added Rs 2.1 crore, raising total revenue to Rs 644.8 crore.
The company reported a loss of Rs 135 crore, only marginally higher than the previous year’s Rs 133 crore loss. Since its founding in 2013, Cashfree has raised $42 million, with its last funding round in June 2021 totaling $35 million. Major investors include SBI, Apis Partners, CABRA VC, and Trifecta Capital Advisors.
Recently, Cashfree achieved a significant milestone by securing the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license, supporting its future endeavors in the digital payment landscape.
