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The State Bank of India (SBI) has made a strategic investment in the organisation. Additionally, the company announced an equity investment of $15 million in Telr, to expand its footprint in the MENA region, in its bid to enhance operations globally.
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Cashfree Payments, an Indian payments and API banking solutions company, on Monday, said 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.
According to the official statement, 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.
“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,” CEO and Co-founder of Cashfree Payments, Akash Sinha.
Sinha added that 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 5X by 2025.
Meanwhile, the State Bank of India (SBI) has made a strategic investment in the organisation. Additionally, the company announced an equity investment of $15 million in Telr, to expand its footprint in the MENA region, in its bid to enhance operations globally.