After $35m funding, Y Combinator-backed Cashfree announces hiring spree

Payments and banking technology company Cashfree said it will double its workforce by December 2021 as it aims to scale its transaction volumes to 5 million a day over the next seven to nine months.

Co-founders Reeju Datta (left) and Akash Sinha / Photo credit: Cashfree

India-based Cashfree claims to have processed over US$12 billion worth of payments annually, and expects to clock a threefold growth in revenue and volume by March 2021.

The company also aims to have a headcount of more than 300 workers by March 2021 and hit over 400 by December 2021. It has already onboarded over 130 new hires between March to November 2020 for verticals including product management, growth, and marketing.

The hiring spree comes shortly after it raised US$35.3 million in series B funding led by Apis Partners last month. Global startup accelerator Y Combinator also participated in the round.

Cashfree enables businesses in India to collect payments online and make payouts. One of its key products is Payouts, an application programming interface (API) that automates payments to bank accounts and e-wallets.

“Digital payments are expected to grow by 10x in the next two to three years. With the recent surge in online transactions in India to unprecedented levels, we are actively developing innovations and creating products that enable businesses to process digital payments at scale,” said Cashfree CEO and co-founder Akash Sinha.

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The startup also works with non-banking financial companies and microfinance institutions, which process large volumes of disbursals every day.

According to estimates by research firm The Insight Partners, the Indian payment gateway market will grow to US$1.71 billion in 2025.

Cashfree’s competitors include PayU, Razorpay, Paytm Payment Gateway, Stripe Payments, and Instamojo.