Cashinvoice, a supply chain finance platform, has raised $3.4 million in Series A round led by Pravega Ventures, HDFC Bank and existing investor Accion Venture Lab.

The company plans to deploy capital to strengthen the existing business and facilitate the launch of new products across the supply chain finance (SCF) ecosystem.

The current financing comes on the heels of a $1 million pre-series A round from Accion Venture Lab in October 2021.

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Arun Poojari, Co-Founder and CEO, Cashinvoice, said, “Supply chain finance focuses on funding specific transactions and analyses the vintage and velocity of the buyer-seller relationship. With this round, Cashinvoice will continue to build on its capabilities riding on India’s DPI and the sustained growth in trade activities which complements the growing GST collections.”

Commenting on the investment, Rahil Rangwala, Managing Partner of Accion Venture Lab, said, “Cashinvoice platform is making a meaningful difference by providing seamless and affordable credit access to the backbone of the Indian economy, our MSMEs. Since our first investment, we’ve seen incredible development in both partners and disbursement volumes, all of which has been accomplished in a sustainable manner. We are impressed with the team’s execution capabilities and are excited to double down on this investment.”