Fintech startup EnKash raises $20M in Series B

Enkash, B2B, has raised $20 million in a Series B round. The round was led by Ascent Capital, Baring India, and White Ventures.

From the list of existing investors, Mayfield India and Axilor Ventures also invested in the round.

EnKash was founded by Yadvendra Tyagi, Hemant Vishnoi, and Naveen Bindal in the year 2017.
EnKash enables businesses to manage their finances on one central platform.
They also enable businesses to manage their payables/receivables and expenses, as well as
Issue corporate cards to employees.

EnKash had grown 150% more month-on-month in comparison to the previous financial year. It recorded an expense run rate of around $2.5 billion and an income run rate of around $30 million in the previous year. The company has issued 500,000+ cards.

Initially bootstrapped with Rs 25 lakh, EnKash raised $3 million in its Series A from Mayfield India and Axilor Ventures.

The list of its competitors includes Brex, ExpenseAnywhere, Centage, Divvy, Ramp, and Spendesk, among others.

EXECUTIVE OPINION:

"We intend to cut short the cycles of manual work and processes while offering products and services in a completely DIY mode on our platform. The customer should not be hassled with multiple platforms, banking portals and manual coordination to get the right product," said Naveen Bindal, Co-founder of EnKash.

EnKash was co-founded by Hemant, who said that, “His ultimate goal is to have one out of three corporate cards running with EnKash over the next five years, as well as cover both ends of the B2B and B2C offerings.”

"In India, EnKash has stepped up to democratize access to the best-in-class software and payments. We believe that EnKash is poised to continue leading this growing $500 billion-plus market...," said Subhasis Majumder, partner at Ascent Capital.

Tags : EnKash,EnKash news,EnKash funding

Startups

Top 10 innovative startup ideas that worked well in 2023.

Posted By news desk

Startups

What do Investors look for in a startup?

Posted By news desk

Fintech startup EnKash raises $20M in Series B

Tags : EnKash,EnKash news,EnKash funding

Related Post

Popular Post

Trending Posts