Revenues of payments aggregator Cashfree Payments rose to Rs 614 crore in 2022-23, from Rs 350 crore in 2021-22. the operating revenue jumped 75.4% year on year in 2022-23, media platform Entrackr said in a report on Thursday.
Losses widened to Rs 133 crore in 2022-23, from Rs 3 crore in 2021-22, due to an over two-fold spike in employee benefits and payment processing costs. The company has posted net losses for the second straight financial year. Prior to that, it had reported net profits in four financial years in a row.
The company offers products like payment gateways, recurring payments, embedded payments and cross-border payments.
The commission charged from merchants for using the payment infrastructure was the sole source of revenue. It rose 75% to Rs 613.3 crore in 2022-23. It also made Rs 50 lakh from set-up fees.
When it comes to costs, payment gateway processing charges accounted for 59% of total expenditure. The cost more than doubled to Rs 446 crore in 2022-23 from Rs 208 crore a year ago.
Recently, the company received the payment aggregator licence from the RBI, allowing it to onboard new merchants.