When you have a convincing business model, scope, manpower, specialization, time, space, and efficiency on your side, the only thing missing is funding. Money makes all the difference.
That’s the first thing taught to business students in school and college. You could come up with something excellent to pitch. But, it won’t come out in the public unless it’s backed by strong investors.
Well, for the digital payment application, “Cashfree,” SBI became that ‘Angel’ they were looking for all along. As of June 7th, 2021, The State Bank of India will be investing in the start-up. Not to mention, they’ve already reached out to 100,000 customers and processed transactions amounting to almost $20 billion.
However, the capital from SBI will give them the edge over other applications in their market.
Although the amount remains undisclosed, the Co-founder and CEO of Cashfree, Mr. Akash Sinha, feels a sense of mirth and gratitude for SBI’s approach towards his project. He claims to be excited by their partnership because it is a testament to ever-growing trust and innovation in the upcoming years.
Cashfree family welcomes @TheOfficialSBI in our journey of building most reliable payments Infrastructure for India.
— Akash Sinha (@_sinhaakash) June 7, 2021
To put things into perspective, Cashfree operates to make daily payments easier for its customers. This could range from inflows to outflows. With six years of experience already, they were able to target big-scale corporations like Zomato, Nykaa, Acko, Shell, etc. They also look at areas such as wages, refunds, and other rewards.
Upon receiving their funding, expanding, and altering a few features, the company is predicted to value at $200 million. Both the firm’s strategies and approaches align with each other, which makes them a good fit. What’s a bonus is the fact that online payments are now preferred over walk-in or cash offerings.
This increases the scope of their project if they continue to hold water in the industry, especially during the pandemic. Cashfree’s services are not only used in India but worldwide. While their headquarters are in Bangalore, they also function in The United States, UAE, and Canada.
From this point onwards, Cashfree hopes to work on nurturing customers and their needs via the help of SBI’s funding. They want to improve customer experience by making payments seem like a ‘one-click process’ that requires no hard-core knowledge of e-commerce.
The funding will also be used to innovate their application. This could mean altering the features, changing its layout, making it more user-friendly, etc. All in all, Cashfree has its objectives set, while they work on expanding its reach throughout India and the world.