Mar 27 2023
Breaking Down India's B2B Digital Payment Ecosystem with Cashfree Payments CEO Akash Sinha
A report by Deloitte and Wipro estimated that the value of B2B digital payments in India will reach $700 billion by 2025, growing at a CAGR of 30% from 2020.The B2B digital payment ecosystem in India has been growing rapidly, driven by factors such as: # Government initiatives to promote digital payments# Increasing adoption of mobile devices and internet connectivity# Growing awareness of the benefits of digital payments among businesses and moreIn this episode we have with us Akash Sinha, Co-founder & CEO, Cashfree payments, talking about B2B Digital payments ecosystem in India. Cashfree Payments has processed over 200 million transactions as of 2021, with a total transaction value of over $12 billion. It serves over 3,00,000 businesses, ranging from small startups to large enterprises, across various industries such as e-commerce, travel, hospitality, and fintech such as Dream11, Zomato, Dunzo, CRED, Acko, and Nykaa amongst others.Cashfree Payments offers various payment solutions, such as payment gateway, payouts, auto-collect, recurring payments, and marketplace settlements. They have also launched new products like Cashgram and Cashfree AI to improve the user experience and prevent fraud.Let’s deep dive into the episode where Akash has their initial journey with heavy competition in the market, complying with RBI regulations as a payment solution provider, and much more.Notes - 00:00 - Highlights of the conversation02:07 - Intro to Akash Sinha, Cashfree Payments and Payment ecosystem in India03:09 - Journey so far & Indian payment’s landscape06:37 - Mapping the payment landscape’s online segment10:05 - Cashfree’s share in B2B payments in India11:06 - Strengths of Razorpay & Cashfree Payments13:59 - Larger customers such as - Meesho, Swiggy, Zepto, and CRED among others14:50 - SME signups and payments insights across India16:59 - Scaling with a Platform approach18:14 - Being part of YC early-on20:22 - Strengths as a CEO & Founder24:57 - Y-o-Y growth at Cashfree Payments26:01 - Plans for IPO26:31 - Emotional Journey of a founder in the last 8 years27:53 - Steering clear in a competitive market back in 201532:05 - Building multiple products to solve multiple problems34:44 - India’s growing Digital infrastructure38:03 - Advice for entrepreneurs to choose tough markets with large tailwinds39:56 - Coming from a Non-fintech background42:32 - How fast is the Digital payments market growing? 43:35 - How tough is it to be compliant with RBI regulatory changes?