Cashfree Payments (Cashfree), a leading payments and API banking solutions firm, today announced its relationship with SonyLIV as the payments partner for the first season of “Shark Tank India.”
Shark Tank is a 20-year-old international television show that has resurrected start-ups in 40 nations and is regarded as the world’s most popular business reality show. The one-hour show involves start-up founders pitching for funding to judges who are also potential investors.
The show’s importance in the country cannot be emphasized as India has 38,815 active start-ups as of date. Of these, 1,050 start-ups were launched in 2020. In the same year, start-ups raised $11.5 billion. By 2021-end, start-ups are projected to raise another $16-20 billion. And, all of this has happened and is set to happen, despite the pandemic. Cashfree Payments finds value in the collaboration, as its operations towards enabling businesses digitize and grow by providing distinctive payments solutions resonate well with the format of Shark Tank. Similarly, the show presents golden opportunities to Indian startups and entrepreneurs to showcase their business models.
Akash Sinha, Co-Founder and CEO, Cashfree Payments said, “We are glad to partner with SonyLIV for the Shark Tank India show as it allows us to associate with a platform that recognizes and supports young entrepreneurs. This is in line with Cashfree’s philosophy of fostering innovation in the Indian business ecosystem and contributing to the Make in India initiative.”
“Cashfree values the passion of entrepreneurs towards their businesses and such examples of extraordinary spirit and aspirations. In fact, we believe that this association will benefit the country’s overall start-up ecosystem – celebrating entrepreneurship and creating a more favorable environment for start-ups to bloom,” he added.
Ranjana Mangla, Sr. Vice President & Head of Ad Revenue – SonyLIV at Sony Pictures Networks India – Digital Business said, “It gives us immense pleasure to partner with Cashfree Payments for our first edition of Shark Tank in India. Our unique and valuable collaboration with Cashfree is sure to enhance the dynamic entrepreneurial ecosystem in the country. Being the payment partner for this edition of Shark Tank, we are happy to open that gateway for innovative minds to foster in synergy with Cashfree.”
With over 50% market share, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India’s largest lender, SBI invested in Cashfree, underscoring the latter’s role in building a robust payments ecosystem.
Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree products are used in eight other countries including the US, Canada and the UAE.