BENGALURU: Mumbai-based EnKash, owned by Nehat Tech Solutions Pvt. Ltd., has raised $3 million in a Series A round from venture capital fund Mayfield India and early-stage investor and accelerator Axilor Ventures.
EnKash is a business-to-business (B2B) payments management and automation platform. The latest investment will be used to enhance its existing technology base and for building a leadership team, the company said in a statement on Wednesday.
Vikram Godse, managing partner, Mayfield, will join Enkash’s board of directors, the company said. Over the last three years, Mayfield India has also invested in other fintech companies such as LendingKart, Upwards Fintech, and M1 Exchange.
Industry experts say the B2B market records annual transaction values of more than $1 trillion globally. EnKash, which enables businesses to process high volume transactions, plans to make a dent in this market by adding support for credit-based payments and payment reconciliation for buyers and suppliers.
Founded in 2017, by Yadvendra Tyagi, Hemant Vishnoi and Naveen Bindal, EnKash connects corporates, vendors and credit providers. The product helps automate the entire process of B2B payments and ease the working capital requirements of suppliers.
It also helps businesses manage their purchase orders and invoices, and enable and track payments to suppliers or from buyers. The company believes that by automating B2B payments, buyers and suppliers can improve their cash flow by receiving advance payments or quick financing options on their invoices.
EnKash is live with banks like Kotak Mahindra Bank and ICICI Bank and is in advanced discussions with several other financial institutions, it added in its statement.
“Businesses in India have been struggling with manual payment processes for a long time. We are easing 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 have in the buyer/supplier ecosystem," said Yadvendra Tyagi, chief executive of EnKash, in a statement.
“Their (Enkash’s) core tech platform solves issues around the dearth of working capital through a payment mechanism, which we believe will create tremendous value for the supplier ecosystem. We are excited to partner with them," added Vikram Godse, Managing Partner, Mayfield.