Cashfree Payments, a leading fintech platform, has made a strategic move by appointing Abhaya Hota, a former executive from the National Payments Corporation of India (NPCI), as an independent director to its board.
Abhaya Hota: A Seasoned Veteran in Banking and Finance
With a vast experience spanning nearly 35 years across the banking and financial service sectors, Abhaya Hota brings a wealth of expertise to Cashfree Payments. Previously serving as the managing director and chief executive officer of NPCI for almost a decade, Hota played a pivotal role in shaping India’s digital payments landscape. Prior to his tenure at NPCI, he held the position of chief general manager at the Reserve Bank of India for over 25 years, overseeing the department of payments and settlement systems.
Currently, Hota serves as an independent director on the boards of Federal Bank, NSE Clearing, Protean e-Gov Technologies, and RBI Innovation Hub.
Cashfree’s Perspective
Akash Sinha, the co-founder and chief executive of Cashfree Payments, expressed optimism about Hota’s appointment, highlighting his extensive experience in banking and finance. Sinha emphasized that Hota’s insights, particularly in governance and strategic policies, will significantly benefit Cashfree Payments. He emphasized Hota’s potential to be a valuable asset to both the board and management.
Hota’s Role and Vision
In his new capacity, Abhaya Hota aims to leverage his expertise to drive innovation at Cashfree Payments. He envisions collaborating with the team to develop cutting-edge products and services aimed at creating a more accessible payments ecosystem for businesses and individuals alike.
Cashfree’s Endeavors and Challenges
Cashfree Payments, backed by the prestigious State Bank of India, operates a comprehensive digital payments solution platform catering to diverse business needs. Its offerings include payment collection services and API banking solutions. Notably, the company recently unveiled Embedded Payments, a solution designed to streamline payment experiences for businesses using software platforms such as ERPs, CRMs, SaaS, or billing platforms.
Despite its innovative strides, Cashfree Payments encountered a significant setback earlier this year, with its net loss widening substantially to INR 133.1 Cr in the financial year 2022-23 (FY23) from INR 2.9 Cr in the previous year. This surge in losses was primarily attributed to a sharp increase in employee costs.
