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EnKash, a B2B payments management and automation platform run by Nehat Tech Solutions, said on Wednesday that it had raised $3 million (₹20.94 crore) in Series A investment from Mayfield India and Axilor Ventures.
The latest investment is expected to boost business growth of the company, which will use these funds to bolster existing technologies and building leadership team, Yadvendra Tyagi, Co-founder and CEO, EnKash, said in a statement.
Vikram Godse, 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, it 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 such as 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 an integrated platform connecting corporate sector, vendors and credit providers. Its solutions automate the entire process of B2B payments and eases 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, helps 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 also provides analysis and easy reconciliations. EnKash is already live with banks like Kotak Mahindra and ICICI Bank.
B2B payment
Businesses in India have been struggling with manual payment processes for a long time. “We are easing out B2B payment problems,” Tyagi said, adding, “we are bullish about the positive impact that we can create in the buyer/supplier ecosystem on entire set of businesses”.
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