Since the end of last year, Easebuzz has witnessed jump in its services after the RBI directed some of its competitors like Razorpay, and Cashfree to pause on-boarding new merchants
Digital payments solutions provider Easebuzz has doubled its revenue to Rs 236 crore in FY23 as it has witnessed a significant increase in its demand after the Reserve Bank of India’s direction to some of its competitors like Razorpay to pause on-boarding new merchants since December 2022 as well as by tapping on the Business-to-Government (B2G) segment.
We closed our financial year with revenues of around Rs 236 crore and we have generated an Ebitda which is about Rs 4 crore and net profit is also around Rs 95 lakh…We have always been a profitable company,” Siddharth Dani, Chief Financial Officer of Easebuzz told Moneycontrol in an interaction.
Easebuzz witnessed a jump in its demand as many businesses were looking for options post the RBI’s directions to players like Razorpay and Cashfree to pause on-boarding new merchants. The firm also recently onboarded Indian Railways Catering and Tourism Corporation as its customer.
“We are actually seeing growth in our business, at least around 5-10 percent month-on-month growth in our business as companies are looking for alternatives…We are very content with business coming our way, but it is very important for the RBI to look after the new merchants we onboard, so sometimes we also refuse to onboard some merchants and do a proper check.
