Enkash, a corporate spend management business backed by fintech entrepreneurs Amrish Rau and Jitendra Gupta, has acquired $20 million in a new round of funding led by Ascent Capital, Baring India Private Equity Partners, and Singapore-based White Ventures.
Other backers already on board Axilor Ventures and Mayfield India also took part in the investment round.
The fintech firm provides a payments management platform for businesses, including corporate card issuance.
The Mumbai-based firm plans to utilise the capital to expand its offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and its geographical presence.
“We intend to make our presence globally, especially in MENA (Middle East/North Africa) and Southeast Asian countries with the current investment…most of the investment will also go into product and technology development and hiring and scaling up in India,” co-founder Hemant Vishnoi told
The corporate spend management market in India is pegged at $500 billion, Vishnoi said.
Enkash intends to provide businesses with a better experience and access to financial and non-financial items.
Enkash’s average ticket size for BNPL, or Buy Now Pay Later, purchases is approximately Rs 10-12 lakh, whereas typical purchases are around Rs 5-6 lakh.
“We have deployed more than 500,000 corporate cards to date. And our purchase cards are typically like a BNPL offering. The company has partnered with three NBFCs as of now,” Vishnoi said.
Enkash was founded in 2017 by former Citrus Pay executives- Naveen Bindal, Hemant Vishnoi and Yadvendra Tyagi. In 2016, PayU had acquired its smaller rival Citrus in an all-cash deal valuing the Mumbai-based online payments platform at $130 million.
