Mumbai, India-based, fintech corporate spend management startup Enkash raised USD 20 million in a new round of Series B funding. The round took place on March 4, 2022. The round led by Ascent Capital also saw participation from Baring India Private Equity Partners and Singapore-based White Ventures.
Besides, existing investors Mayfield India and Axilor Ventures participated in the funding round.
Purpose of Funding for EnKash
The fintech firm plans to utilise the latest capital to expand its offerings around banking-as-a-service.
It wants to scale up its ‘plug and play’ cards issuance stack. Moreover, EnKash will focus on expanding its operations globally.
What the founder has to say
“EnKash is working with an objective to offer better experiences and accessibility of financial and non-financial products for businesses. It intends to further expand its offerings with the infusion of fresh capital and lead the space with innovative offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and plans to expand its geographical presence on the international front,” said Hemant Vishnoi, Co-founder of EnKash.
In addition, Naveen Bindal, Co-founder of EnKash, commented, “Expenses are just a tiny sliver of a company’s payables and expense management platform is just one software. Financial teams also need to manage statutory payments, supplier payments, payroll and reconcile bank accounts, often in different countries, resulting in an overwhelming amount of work. Similarly, account receivables required paper or email-based invoicing, offline collections, and hassled reconciliation. Our objective is to allow the customers to save time & money. We intend to cut short the cycles of manual work & processes while offering products & services in a completely DIY mode on our platform. The customer should not be hassled with multiple platforms, banking portals & manual coordination to get the right product.”
What the investors have to say
“Businesses are struggling with archaic and disconnected systems to spend, track, process, budget, and manage their funds. A problem statement that resonates universally as displayed by the emergence of solution providers across the globe in the last couple of years. Similarly, in India, EnKash has stepped up to democratise access to the best-in-class software and payments. We believe that EnKash is poised to continue leading this growing US$ 500 Billion plus market on the back of its comprehensive offering, impressive execution velocity, prudent capital allocation and experienced leadership team; a team with whom we have successfully worked in the past, ” said Subhasis Majumder, partner at Ascent Capital.
“The pull of the product is evident in EnKash’s remarkable growth through referrals and word-of-mouth recommendations. Baring is excited to back this experienced founding team that has created a valuable proposition and is well-positioned to gain disruptive growth in this untapped corporate payment market, both in India and overseas,” said Debanshi Basu from Baring India.
“EnKash is unique in its vision to save teams’ time and money by building the future of the CFO suite. We were impressed by the product thinking behind the EnKash platform and the leadership team,” said Sweta Rau, White Venture Capital.
Fintech entrepreneurs Amrish Rau and Jitendra Gupta back White Ventures.
Vikram Godse, Managing Partner, Mayfield India, said, “Over the last few years, we have had a front-row seat to the execution capabilities of the team at EnKash. They have done a phenomenal job at scaling the business – the metrics are there for all to see. We strongly believe that startups catering to the large fintech market in India will create world-beating products, and this is exactly what the team at EnKash is building.”
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