[Funding alert] Fintech startup Enkash raises $3M from Mayfield and Axilor
Fintech startup Enkash has raised $3 million in a Series A round from Mayfield India and Axilor Ventures. Run by Nehat Tech Solutions, Enkash will use the fresh funds for the growth of the company, strengthening existing technologies, and building the leadership team.
Vikram Godse, Managing Partner at Mayfield, will be joining Enkash's Board of Directors.
In a press release, Vikram said:
"The Founders at Enkash are disrupting the B2B payments value chain by leveraging their extensive experience in the payments ecosystem in India. Their core tech platform solves issues around the dearth of working capital through a payment mechanism, which, we believe, will create tremendous value for the supplier ecosystem in India. We are excited to partner with them in their endeavour in this very large space."
Mayfield's latest investment is in line with its fintech strategy. The global venture capital fund has previously invested in fintech companies, including Upwards Fintech and M1 Exchange.
The B2B payments management and automation platform was founded in 2017 by Yadvendra Tyagi, Hemant Vishnoi, and Naveen Bindal.
The platform connects corporates, vendors, and credit providers. Businesses can use Enkash's software and platform to automate B2B payments. It allows companies to manage their purchase orders, invoices, enable, and track payments to suppliers or from buyers.
Yadvendra said, "Businesses in India have been struggling with manual payment processes for a long time. With our stellar team and amazing product, we are easing out B2B payment problems for thousands of businesses today. Along with the partnerships of Mayfield and Axilor, we are bullish about the positive impact that we can create in the buyer-supplier ecosystem on entire set of businesses.”
Enkash is live with banks, including Kotak Mahindra and ICICI Bank. They are also in advanced discussions with other financial institutes.