EnKash, run by Nehat Tech Solutions Pvt. Ltd., has raised a $3 million in Series A investment from Mayfield India and Axilor Ventures. Enkash is a business to business payments management and automation platform. The latest investment is expected to further boost the business growth of the company. The funds will be used to bolster existing technologies and for building a best-in-class leadership team. Vikram Managing Partner, Mayfield will join Enkash’s Board of Directors. This investment is in line with Mayfield India’s Fintech strategy. Over the last three years, Mayfield India has also invested in other Fintech companies such as LendingKart, Upwards Fintech and M1 Exchange.
According to reports, B2B market records annual transaction values of more than $1 trillion. But it is also a market where businesses are often plagued by cumbersome processes and ageing technology. Therefore, the market is ripe for business models like EnKash, who, through technology, can effectively enable businesses process high volume transactions, settle payments, and even tie credit into payments, creating a unique value proposition for businesses to adopt B2B payments.
Established in 2017, EnKash is a leader in enterprise procure-to-pay space and is refining the way businesses pay each other. It is an integrated platform connecting corporates, vendors & credit providers. Its solutions automate the entire process of B2B payments and eases the working capital requirements of suppliers. It helps businesses manage their purchase orders and invoices, enable and track payments to suppliers or from buyers. This, in turn, help buyers and suppliers improve their cash flow management by getting advance payments or quick financing options on their invoices when they offer terms to their customers. The platform further provides insightful analysis and easy reconciliations. EnKash is already live with banks like Kotak Mahindra, ICICI Bank and is in advanced discussions with several other financial institutions.
Businesses in India have been struggling with manual payment processes for a long time. With our stellar team and amazing product, we are easing out B2B payment problems for thousands of businesses today. Along with the partnerships of Mayfield and Axilor, we are bullish about the positive impact that we can create in the buyer/supplier ecosystem on entire set of businesses”, said Yadvendra Tyagi, Co-founder and CEO of EnKash.
Announcing the latest investment in Enkash, Vikram Godse, Managing Partner, Mayfield, who also sits on other fintech company boards such as LendingKart and M1 Exchange said, “The Founders at Enkash are disrupting the B2B payments value chain by leveraging their extensive experience in the payments ecosystem in India. Their core tech platform solves issues around the dearth of working capital through a payment’s mechanism, which we believe, will create tremendous value for the supplier ecosystem in India. We are excited to partner with them in their endeavour in this very large space."