Fintech startup EnKash has raised $20 million as a part of its Series B round led by Ascent Capital and joined by Baring India & Singapore-based White Ventures. The round also saw participation from existing investors, Mayfield India, and Axilor Ventures.
Founded by Naveen Bindal, Hemant Vishnoi, and Yadvendra Tyagi, EnKash allows startups and SMBs to manage purchase orders, and invoices, and enable and track payments to suppliers or from buyers.
The Mumbai-based startup had roughly 30 employees two years ago and now it is close to 120 employees. The startup tracks over 70K businesses and over 500K issued cards.
Previously, EnKash had raised $3 million from Mayfield and Axilor Ventures as a part of its Series A round in 2019. The company was seed funded by Axilor Ventures.
“We intend to make our presence globally, especially in MENA (the Middle East/North Africa) and Southeast Asian countries with the current investment…most of the investment will also go into product and technology development and hiring and scaling up in India,” co-founder Hemant Vishnoi told ET.
The corporate spend management market in India is pegged at $500 billion, Vishnoi said.
“We will also expand further in capturing the market in India,” he added.
Enkash is planning to offer a better experience and accessibility of financial and non-financial products for businesses.
“On the non-financial side, we have started something called the rewards points where we make sure special discounts are being offered to Enkash customers. And there are other products that are in the beta stage,” Vishnoi said.
Enkash’s average ticket size is about Rs 10-12 lakh for BNPL, or Buy Now Pay Later spends, while normal spending is clocked at around Rs 5-6 lakh.
The average annualized spend rate of Enkash is around $2 billion.
Published By:- Shubham Agarwal
Edited By :- Kratika Kashyap
