Cashfree targeting return to profitability by Q1FY25: CEO

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Mint. “Since obtaining the PA licence, we have already onboarded over 25,000 accounts (or merchants) that were pending for the past 12 months. With expectations of 45,000 to 50,000 monthly merchant leads going forward, we are confident of a sustained growth of our platform," he added. When there were no new business/merchants coming onto its payments platform due to the regulatory ban, the once-profitable Cashfree—which claims to have about 3-4 lakh merchant base—said it invested more time developing new products and building new lines of businesses.

“We just went harder on cross-sell and upsell, activated a lot of dormant accounts, 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," Sinha said.

The primary focus, according to him, was on building a well-diversified platform capable of addressing all merchant needs through a unified portal. The company, which now aims to return to profitability by the first quarter of FY25, introduced more than 10 products across payouts, verification, connected banking, escrow management, including innovations such as KYC Link, Reverse Penny Drop, and Co-lend. “Additionally, we launched FlowWise, India’s first self-hosted payments orchestration platform." FlowWise is an important innovation that Cashfree came up with.

There are large enterprise internet companies in India, which still struggle with using payments in the best way possible. Enterprises can install FlowWise on their own cloud and manage the entire payment operation. They can integrate all the payment methods on their platform, route transactions, optimize successes for