Fintech start-upsraised $20 million in a series B round led by Ascent Capital, Baring India and Singapore-based White Ventures.
Existing investors Mayfield India and Axilor Ventures also invested in the round, the startup said.
Founded in 2017 by Yadvendra Tyagi, Hemant Vishnoi and Naveen Bindal, EnKash helps businesses manage their finances in one central platform. It allows companies to manage their payables/receivables and expenses, as well as issue company cards to employees.
“We intend to shorten manual work and process cycles while offering fully DIY mode products and services on our platform. Customer should not be hassled by multiple platforms, banking portals and coordination manually to get the right product,” said Naveen Bindal, co-founder of EnKash.
The startup told Your story earlier than it had risen 150 percent, month-on-month in the prior fiscal year.
It had an expense rate of about $2.5 billion and an income rate of about $30 million in the prior fiscal year, the startup said. Your story.
Initially started with Rs 25 lakh, EnKash raised $3 million in its Series A from Mayfield India and Axilor Ventures.
“In India, EnKash has stepped up its efforts to democratize access to the best software and payments. We believe EnKash is poised to continue leading this growing $500+ billion market…” said Subhasis Majumder, Partner at Ascent. Capital city.
The startup says it has processed annualized spend worth around $2 billion on its platform at present and caters to 70,000 businesses. It has issued over 500,000 cards.
Hemantco-founder of EnKash, said Your story that its ultimate goal is to have one in three business cards running EnKash within the next five years, as well as covering both ends of B2B and B2C offerings.
Its competitors include players such as Brex, ExpenseAnywhere, Centage, Divvy, Ramp, and Spendesk, among others.