Cashfree doubles employee strength in six months for next phase of business growth
Bangalore: Payments and banking technology company, Cashfree, has strengthened its workforce to over 225 employees this year, having digitally onboarded over 130 new hires this year, as the e-commerce and digital payments sectors witness a boost amid the coronavirus pandemic. The spree was further accelerated during the global crisis, filling in crucial leadership ranks, including at the director levels across the engineering, product management, human resources and growth teams.
Cashfree will continue to expand its workforce as online payments become more entrenched, aiming to cross a headcount of 300 by March 2021 and of 400 by December 2021, while staying on schedule with appraisals, bonuses and promotions for the current team.
Akash Sinha, CEO and Co-founder, Cashfree said, “We are delighted to add so many bright and talented individuals on Cashfree’s growth journey. 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. In tandem with rising e-commerce penetration and widespread digital payments adoption, we have a three-pronged approach of partnerships, new products and geographic expansions. We are investing in skilled and talented individuals who will drive innovation and build a seamless payments ecosystem for businesses, merchants and customers that are thinking digital.”
Sapna Sukumar, Head of Human Resources, Cashfree comments, “It has been a fulfilling experience to virtually onboard fresh talent, amidst such challenging times, to expand Cashfree’s workforce and achieve our targets set prior to the pandemic. The hiring as well as the company orientation of over 130 new hires was completed digitally and across diverse verticals including, product management, growth and marketing. We plan to further double our workforce to 400+ team members by the end of 2021, filling up critical positions to prepare for the next wave of transformation.”
Against the backdrop of retrenchment and pay cuts across industries amidst the Covid-19 pandemic, Cashfree continues to determinedly onboard new hires. The company is also continuing with merit-based appraisals and performance bonuses to help the current team stay motivated and productive during these unprecedented times.
Currently, Cashfree is scaling up its business volumes to handle around five million transactions a day over the next seven to nine months as more enterprises across the country move towards digital solutions. Apart from supporting merchants, Cashfree also works with NBFCs and micro-finance institutions, which process large volumes of disbursals every day. As of March, Cashfree has processed over $12 billion worth of payments annually, and expects to clock 3x growth both in revenue and volume in FY21. Cashfree’s Series B round of funding, led by Apis Partners, will be used for research and development, to build new product lines and to strengthen the team as well the company forays into emerging markets.