Cashfree enables more than 1,00,000 Indian and global businesses including firms like Zomato, Cred, Nykaa, Delhivery, Acko, and Shell among others to carry out e-commerce payment collection, vendor payments, and marketplace settlements and more.
As a complete payment platform, Cashfree products are used by businesses for different payment needs such as payment collection, vendour payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards.
Started in 2015 by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree was incubated by PayPal and is backed by the State Bank of India (SBI), silicon-valley investor YCombinator, and Korean investment firm Smilegate Investments among other investors.
The company has rolled out several innovative products in the payments space such as Instant Refunds Payment Gateway for cash and delivery orders, 15 minute-Payment Gateway settlement, connected Banking API platform, and Payouts Direct.
Cashfree says it has a market share of more than 50 percent in bulk business payment disbursals and is processing transactions worth $ 20 billion annually. Since its inception, 120 million unique bank accounts have sent or received money via Cashfree.
Apart from India, Cashfree’s products are used in eight other countries including the USA, Canada and UAE.
CNBC-TV18’s Mugdha Variyar spoke to Cashfree for a deeper look into its story.
“When we got into the payment space, we started with a very small idea. We wanted to digitise cash on delivery (COD) payment. After a while, we figured that all the payment companies were built around one single product, it was just a payment gateway, which everyone was selling. What we figured is that instead of building one product, problems of these merchants can be solved better if we have multiple modular products. You can use these products independently plus you can also use these products in conjunction. This helped businesses solve their payment problem in a much efficient and faster way,” said Akash Sinha, Co-Founder and CEO of Cashfree.
For the entire show, watch the accompanying video.