New Delhi, Nov 4 (IANS): Fintech firm Cashfree Payments has reported Rs 135 crore loss in the financial year (FY24), compared to Rs 133 crore loss in FY23.

During this period, the company's income increased by 5 per cent on an annual basis from Rs 613.8 crore to Rs 642.7 crore.

The marginal increase in the company's income and increasing losses are attributed to an action taken by the Reserve Bank of India (RBI) on Cashfree, under which the company was banned from onboarding new merchants from December 2022 to December 2023.

As per its annual financial statements filed with the Registrar of Companies, the company’s total expenses increased by 3.9 per cent to Rs 779.4 crore in FY24, against Rs 750 crore in FY23.

A major part of the company's expenses is material cost, which stood at Rs 426.6 crore in FY24. During this period, employee benefits increased by 23 per cent to Rs 245 crore.

Apart from this, other expenses include Merchant Discount Rate (MDR), infrastructure and compliance costs, as per its filing.

The company did not provide details of its income components in the financial statement. However, its main source of income is sale of services. Apart from this, transaction-related fees etc. also contribute significantly to the company's income.

According to reports, the company has not raised any new funding in the last 30 months. In its nearly nine-year corporate history, the company has raised around Rs 320 crore through funding.

Cashfree's main competitors are Razorpay, PayU and CCAvenue. Razorpay's payment gateway business generated revenue of Rs 2,068 crore in the last fiscal and the company made a profit of Rs 34 crore during this period.

PayU's revenue grew 11 per cent to $444 million in FY24 and the company incurred a loss during this period.