EnKash, an India-based B2B payments platform, announced new funding from backers at Mayfield India and Axilor Ventures, reports in VCCircle said on Wednesday (April 24).
The publication said EnKash raised $3 million in Series A funding, which it plans to use to focus on technological upgrades and to add new members to its leadership team. The company operates a platform to connect suppliers, corporate customers and credit providers, while the solution connects all users to analytics and reconciliation capabilities.
Corporate buyers can manage purchase orders and invoices, and track their payments to suppliers. Vendors can track incoming payments and offer terms to their customers. Financial service providers, including Kotak Mahindra Bank and ICICI Bank, use the solution to connect buyers and suppliers on the platform with trade finance options.
Vikram Godse, Mayfield’s managing partner and a new member of EnKash’s board, said in a statement that the company “solves issues around the dearth of working capital through a payment’s mechanism, which we believe will create tremendous value for the supplier ecosystem in India.”
“Businesses in India have been struggling with manual payment processes for a long time,” said EnKash Co-founder and CEO Yadvendra Tyagi in another statement. “We are easing B2B payment problems for thousands of businesses today.”
As FinTech dives deeper into India’s B2B payments market, some companies are turning to blockchain technology to address the process’ biggest pain points. Earlier this year, unnamed sources told The Economic Times that HDFC Bank, ABG Shipyard, Reliance Industries and Hindustan Unilever are among the large conglomerates testing cryptocurrency or intra-company transactions to move funds between subsidiaries, as well as for external supplier payments.
Last year, DBS India became the latest India financial institution to join SWIFT’s gpi service, a corporate payments solution that promotes visibility and traceability for global business payments.