EnKash, which offers a platform for enterprises to manage and automate payments, has raised $3 million (nearly Rs 21 crore at current exchange rates) in a Series A round of funding from Mayfield India and Axilor Ventures.
Run by Nehat Tech Solutions Pvt. Ltd., the company said in a statement that it will use the fresh capital to bolster its technology infrastructure besides beefing up its leadership team.
Founded in 2017 by Yadvendra Singh Tyagi, Hemant Vishnoi, and Naveen Bindal, EnKash helps businesses manage their purchase orders and invoices, and enables them to track payments to suppliers or from buyers. The platform also provides analysis and reconciliations.
EnKash said it counts major private-sector lenders such as Kotak Mahindra Bank and ICICI Bank among its clients.
“Their core technology platform 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,” said Vikram Godse, managing partner at Mayfield.
Among recent deals in the B2B segment, payment gateway startup Cashfree earlier this month announced that South Korea-based venture capital firm Smilegate Investments had led a Series A investment of $5.5 million (around Rs 38 crore).
US-headquartered Mayfield, which typically participates at the seed and Series A stages, has been investing in India since 2006, according to information available on its website.
Its focus areas include the consumer and business sectors across non-tech, tech-enabled and technology verticals. Over the last three years, Mayfield India has invested in a bunch of fintech ventures such as Lendingkart and Upwards. Its other Indian bets include the likes of Licious, Box8, Emiza, Knowlarity, Triphobo and Amagi.
Axilor Ventures is a startup accelerator and seed fund led by Infosys co-founders Kris Gopalakrishnan and SD Shibulal. Founded in 2014, Axilor makes pre-seed investments through its accelerator programme and early-stage bets from a $30 million seed fund launched last year.
Axilor had said that half of the seed fund’s outlay would be dedicated to pre-seed investments and the other half would be set aside for seed-stage bets.
Axilor's recent investments include health-tech startup Medops Technology, radiology platform 5C Network, location-based local language social platform Khidki, B2B software-as-a-service startup Appiyo Technologies, SaaS customer engagement platform Survaider, and employee rewards and recognition platform Advantage Club.