EnKash, an all-in-one spend management platform and corporate card firm, has raked in $20m as part of a Series B round.
The round was led by Ascent Capital and included participation from Baring India and White Ventures as well as Mayfield India and Axilor Ventures.
EnKash claims it is on a mission to help firms their cashflows & spends. The company offers a range of corporate cards from managing purchases like supplier/ utility/ tax payments, expenses like travel and entertainment or digital marketing or cloud payments to payroll & petty cash to employee benefits like meal vouchers to gift cards for partners.
EnKash co-founder Naveen Bindal said, ““Expenses are just a tiny sliver of a company’s payables and expense management platform is just one software. Financial teams also need to manage statutory payments, supplier payments, payroll and reconcile bank accounts, often in different countries, resulting in an overwhelming amount of work.
“Similarly, account receivables required paper or email-based invoicing, offline collections, and hassled reconciliation. Our objective is to allow the customers to save time & money. We intend to cut short the cycles of manual work & processes while offering products & services in a completely DIY mode on our platform. The customer should not be hassled with multiple platforms, banking portals & manual coordination to get the right product.”
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