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Have you ever wondered what happens when a group of passionate minds come together to refine growth strategies and push the boundaries of innovation?
Well, that’s the essence of RevBoost – our very own hackathon challenge held last month.
RevBoost was our hackathon about unlocking business ideas relevant to Cashfree Payments’ success. Cashiens from across teams and office locations connected and collaborated with each other to come up with some stellar plans!
In this blog post, we’re going to explore the core of RevBoost, where innovation, teamwork, and groundbreaking ideas led the way.
The Theme
At the heart of RevBoost lies a mission that’s as bold as it is exciting: to improve the quality of revenue.
As the name suggests, RevBoost is all about diversifying and optimising our growth beyond the explored realms, expanding our merchant base and enhancing retention to ensure sustainable revenues.
This theme encompasses an array of avenues, from introducing new products and features to our portfolio to crafting value-added experiences that not only elevate user satisfaction but also contribute to revenue growth. Think about risk management solutions that shield our merchants from fraud and regulatory hurdles, or upsell and cross-sell strategies that our merchants can’t resist.
But RevBoost is not just about ambition; it’s about swift execution too.
We were in search of ideas that could quickly hit the markets, align seamlessly with our mission and existing offerings, and supercharge the success rate of our transactions while keeping costs in check.
And it’s imperative that these ideas come with working demos, supported by thorough research, logical data, and user insights.
Phase 1 – Idea Submission and Teams Formation
In Phase 1 of RevBoost, the spotlight was firmly on Ideas Submission and Team Registrations.
From the day we opened the registrations, ideas kept pouring in with detailed information on what were the challenges Cashiens aimed to solve, the pain points targetted, the business impact and projections.
As Phase 1 drew to a close, we kept organising frequent Team Matchmaking Sessions to facilitate cross-functional team formations. Besides, Ask-Me-Anything (AMA) Sessions were also held in-person and online by the organising committee to clear the air on doubts and concerns regarding the hackathon.
As the clock ticked on, 55 teams dedicated 15 intense days to brainstorming, collaborating, and connecting around their innovative ideas. With the stage set, invitations were dispatched for the much-anticipated RevBoost Demo Day.
Phase 2 – The Demo-Day
The Demo-Day was scheduled just a day before National Engineers Day, setting the stage for high spirits. Cashiens showed up at our Koramangala office in Bangalore at 9 AM – just in time for some delicious breakfast.
After breakfast, the teams headed towards the Registration Desk to mark their attendance for the day. We also had Cashiens participating virtually from our other office locations including Gurugram and Mumbai.
The team registrations were followed by a delicious lunch for all participants, to fuel them up for the upcoming Round 1 Evaluation.
Round 1 – Evaluation with Business Unit Heads
For closed-door Round 1, we had five panels of judges, each brimming with esteemed leaders from across our Business Units, including Product, Engineering, Business, Growth & Strategy, Finance, and New Initiatives.
In this round, all teams fueled up to take the stage with their well-crafted pitch decks, showcasing their profound understanding of the problems, their unique and creative solutions, and the practicality of turning those ideas into tangible products.
But what were the judges looking for? Here were the key criteria:
1. Problem Research, Situational Analysis, and Definition
2. Uniqueness and Creativity
3. Practicality and Ease of Implementation
4. Impact of the Product
5. Demo to showcase Real-World Application
Round 2 – Evaluation with our C-Suite Leaders
Four hours of intense anticipation culminated in a momentous announcement: seven exceptional teams were chosen for the highly coveted Round 2 Evaluation, where they’d stand before our C-Suite Executives.
After a short pizza break, it was time for the finale.
One after the other, each team stepped onto the stage, presenting their visionary pitches to the entire organisation. Cashiens stood and watched in awe, cheering for their colleagues after each pitch.
These pitches showcased not only their innovation but also their commitment to Cashfree’s core values. From ‘Think Impact’ to ‘Wear Multiple Hats’, ‘Customer Obsession’, ‘Being Agile’ and ‘Achieve Excellence’, every idea on display echoed our dedication to excellence, innovation, and the profound impact we strive to create for our clients and industry.
One of the best parts of Round 2 was the thought-provoking questions posed by our CXOs to the finalists, truly a clear testament to the rigour and depth of the competition.
As the final presentations concluded, the room was charged with a sense of pride and anticipation.
After careful consideration and closed-door discussions, the top three teams were announced winners, clinching prizes worth ₹75000!
Transforming ideas into real-world solutions
From the inception of ideas to the big stage of Demo Day, it’s been a thrilling ride filled with innovation, dedication and the spirit of Cashfree.
But this isn’t the end; it’s just the beginning.
How?
The ideas born out of RevBoost are not confined to a single day. Yes, we are already on our way to transforming them into tangible and impactful solutions. Because at Cashfree Payments, we value innovation and collaboration.
