SBI-backed Cashfree Payments records 48% growth in net profit to in FY21

State Bank of India-backed fintech company Cashfree Payments said on Monday that it recorded a 48 per cent growth in net profit to Rs 25.22 crore for the financial year ended in March 2021, posting profits in four consecutive fiscals. 

The B2B start-up said 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. Last year, banking giant SBI was reported to have invested an undisclosed sum in the fintech start-up at a valuation of $200 million.

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 per cent from the previous year. The organisation’s total assets grew by 153 per cent 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.”

“The support by our partners, merchant network and other stakeholders, has been really encouraging and motivates us to further enhance our operations. With the current momentum, we aim to grow our business 5X by 2025.”

Cashfree Payments also announced an equity investment of $15 million in Telr, to expand its footprint in the MENA region, in its bid to enhance operations globally. The company added 300 employees in 2021 to take the total employee count to 475. By the end of March 2022, it aims to have a workforce of more than 600 employees.

The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products, and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.