5 Striving Indian startups Overcoming Losses to Foster Success

Cashfree Payments’ FY23 Loss swells 46X

As a payments & technology banking company, Cashfree Payments assists the Indian businesses to collect payments online & make payouts digitally. Within a short span from its inception, the fintech startup holds top players in India as clients such as Zomato, Delhivery, Zoomcar, HDFC Ergo, and others. In spite of growth, the company has posted a loss of Rs. 133 crore in FY23 which is 46x increase than the rate of loss in FY22. This critical loss came after a double-fold spear in employee paybacks & costs in payment processing.

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And the advertising, marketing, promotion legal activities, and other outlays lifted its total expenses to Rs. 750 crore in FY23 from FY22’s Rs. 354 crore. Cashfree Payments underscored that they Funding roundinvested money in research & development, new product unveilings, hiring 350 employees, and further it led to rise in external shares.

“We just went harder on cross-sell and upsell, activated a lot of dormant accounts, and increased the wallet share with existing accounts. And we have seen the growth in payments volume and on overall revenue-wise from the existing merchant base. We will be higher than what we did last year”, shares Akash Sinha, Co-Founder & CEO, Cashfree Payments