1 min read.Updated: 31 Aug 2021, 03:48 PM ISTLivemint
EnKash is seeing heavy demand from small to mid-sized businesses and has enabled more than 70,000 businesses to digitize their corporate payments in one and a half years
Mumbai: EnKash, a corporate cards and payments company, on Tuesday said it has issued over 200,000 corporate cards across India’s corporate ecosystem, between February 2020 and July 2021.
EnKash launched its corporate card program in early 2020 for startups, small and medium-sized enterprises. With businesses’ growing dependability on corporate cards, the company said it is witnessing accelerated growth in its transaction volumes with more than 150% month-on-month growth this calendar year.
The company said it is seeing heavy demand from small to mid-sized businesses and has enabled more than 70,000 businesses to digitize their corporate payments in one and a half years.
Naveen Bindal, co-founder of EnKash said the company’s growth is aligned with the growth in digitization of business spends, which is currently witnessing a snowball effect worldwide with multiple unicorns emerging in this space.
“This global trend clubbed with covid-19 has triggered an unprecedented demand for and dependence on corporate cards in India. Business spends on corporate cards is a $500 billion opportunity in India and we have not even scratched the surface. EnKash being the first mover and vertical leader in this space has understandably benefited from the ripple effect and is gearing up to scale new heights," said Bindal.
With the swiftly-growing portfolio of corporate cards and all-intuitive spend management platform, Bindal said the company enables operational efficiency and better cash flow management for small and medium-sized businesses, without them having to incur higher costs on automation.
Co-founded by cards and payments experts Hemant Vishnoi, Naveen Bindal, and Yadvendra Tyagi, EnKash caters to all aspects of corporate cards. The fintech startup has so far raised over $3 million in a Series A round from Mayfield India and Axilor Ventures, in April 2019.