BackCashflo raises $3.3 million in Series A Funding
Cashflo caters to SMEs in more than 30 citiesCashflo is creating India’s largest digital marketplace for invoice discounting to solve for the day-to-day cash flow problems faced by small businesses
PremiumCashFlo, India's first integrated, multi-funder marketplace raised $3.3 million in series A funding from SAIF Partners, and select angel investors that include Ashish Iyer (previously senior partner at BCG) and Arpan Sheth (partner at Bain & Company ), among others.
Targeting the $100+ billion untapped category in the small to medium enterprise (SME) lending market, that is currently operating in a highly-traditional manner, Cashflo helps democratize access to credit in a fair and transparent manner.
Currently present in the top seven metros in India, Cashflo caters to SMEs in more than 30 cities. The infusion of new funds will be utilized for business expansion, platform enhancement and building a high-calibre team to champion robust growth plans. It aims to expand to about 75 employees in the next 24 months.
Incorporated in September 2017, Cashflo help sellers undertake invoice discounting through their exchange, and get early payments to manage their working capital needs while buyers improve their EBITDA margins or optimize their working capital by extending payables days, creating a win-win situation for all.
According to Ankur Bhageria, co-founder & CEO, Cashflo, “As an organisation, we are focused on democratizing access to credit in the SME space and tapping into new sources of liquidity for the credit economy, while building a holistic ecosystem for the businesses on our platform in the long run."
Cashflo is creating India’s largest digital marketplace for invoice discounting to solve for the day-to-day cash flow problems faced by small businesses and with a new supply chain being added nearly every 2 weeks, it is well on course to achieve that in the coming years.
He added that investment from SAIF Partners is a validation of the market opportunity and a testament to the hard work gone in to build this business so far. "We are excited to partner with SAIF and be able to leverage their expertise and know-how, especially in financial services, in this next phase of growth. This round gives us the necessary fuel to become one of India’s leading supply chain financing platforms in the years to come."
Announcing the investment Mridul Arora, managing director, SAIF Partners said, “We, at SAIF Partners, have a strong belief in the founding team’s vision of creating a multi-product, highly liquid and value-accretive credit platform."
Presently working with India’s leading corporate houses like the Tata Group, Aditya Birla Group, Bajaj Group and large corporates across sectors such as auto, retail, pharma, capital goods, textiles, logistics, and services among others, the company has garnered an order book of over Rs. 10,000 crore of throughput from its existing contracts, making it the fastest growing platform in the country in just two years of active operations.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
