In plan with a bigger motive, payment aggregator Cashfree brought in former vice president of digital payments processor Razorpay, Harsh Gupta as its new Chief Revenue Officer (CRO).

Additionally, reorganizations at the C-suite level are expected to happen as part of the impending adjustments.

Currently, it is said that the Chief Business Officer (CBO), Arun Tikko, could be handed over the task of supervising the growth of the International business sector, while Anshul Lal, who leads Banking and Alliance, could be let go, according to reports.

Apis Partners, backed by Cashfree, is observed to have accumulated between Rs 130 and Rs 150 crore in a bridge deal from its current investors in March 2024. Additionally, the unit is looking to attract more money from outside investors.

In 2021, the company received monetary aid of $200 million post-money valuation from the State Bank of India (SBI), marking its final funding round. Data from Traxcn indicates that the company has raised more than $44 million to date.

It is reported that Cashfree could double its e-commerce footprint and make way into new markets like travel and education, where rivals like PayU and Razorpay have already established a foothold.

The losses of the online payments processor and aggregator increased 46 times to Rs 133 crore in FY23 from Rs 3 crore in FY22, despite a 75.43 percent increase in operational income to Rs 614 crore. The company boasts more than six lakh merchants.

Cashfree hopes to reach its profit by the first quarter of FY25, as it already processes $5 billion in payments monthly, hopes to earn a profit by the first quarter of FY25.

On the other side, Razorpay, supported by Peak XV Partners, reported consolidated revenue of Rs 2,279 crore, up around 53 percent YoY, mostly due to an increase in enterprise and SME clients.

However, PayU's Indian division recorded a 30 percent increase in sales to Rs 3,300 crore in FY23. The company recently acquired the final approval from the RBI to resume onboarding new merchants.

While all three companies' FY24 figures are still pending, PayU's core payments revenue increased by 15 percent to about Rs 1750 crore in the first half of the year (H1 FY24).

Major Payment Aggregators (PAs), such as PayU, Stripe, Razorpay, Paytm, and Cashfree, were requested to hold off on onboarding new online merchant clients in August 2022 until they could comply with certain requirements, such as submitting systematic audit reports that are necessary to receive a final payment aggregator PA license.