EnKash, a Mumbai, India-based Spends Management Platform and Corporate Cards company, raised US$ 20m as a part of its Series B funding round.
The round was led by Ascent Capital with participation from Baring India and White Ventures and existing investors Mayfield India and Axilor Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Founded by veterans in the cards and payments space – Naveen Bindal, Hemant Vishnoi and Yadvendra Tyagi, EnKash has been a pioneer in unifying cards and spend management and features financial automation tools, enabling businesses to manage payables, receivables and expenses on the fly, powered by a DIY-Platform first approach.
The company has close to 120 employees and boasts processing annualized spends worth ~$2B on its platform. Other key metrics that EnKash tracks include 70K+ businesses and 500K+ issued cards.