Mumbai-based Nehat Tech Solutions Pvt. Ltd., which owns and operates b2b payments platform EnKash, has raised $3 million in a Series A round from venture capital firms Mayfield India and Axilor Ventures.
The startup will use the funds raised in hiring top executives and to expand its technology and sales teams.
Vikram Godse, managing partner, Mayfield, will join Enkash’s board of directors, the company said. Over the last three years, Mayfield India has also invested in other fintech companies such as LendingKart, Upwards Fintech, and M1 Exchange.
EnKash was founded in 2016 by Yadvendra Tyagi, who was founding member of CitrusPay, a mobile and digital payments firm acquired by PayU in 2016.
EnKash partners with businesses in their financial supply chain and committed to automate & digitise the entire Procure-to-Pay process. The solutions offered by the startup not only reduce operational & manpower costs, but it also provide interesting insights to help businesses to grow faster. EnKash work closely with their customers to serve them for an extra mile.
“Businesses in India have been struggling with manual payment processes for a long time. We are easing 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 have in the buyer/supplier ecosystem,” said Yadvendra Tyagi, chief executive of EnKash, in a statement.
Recent Funding in Payments Startups
To recall, earlier this month Delhi-based payment tech startup BharatPe raised $15.5 million in series A round of funding from Insight Partners, a US-based venture capital and private equity firm.
This month an another payment technology startup, AtomX, has raised an undisclosed amount from BookMyShow, the online ticketing and events platform.
Prior to that, leading payments startup MSwipe Technologies has raised Rs 219.8 crore from US-based hedge fund Falcon Edge, B Capital Asia, Epiq Capital and DSG Consumer Partners.
Last year, California-based innovative payment startup Stripe had also expressed its interest to enter key overseas markets such as Southeast Asia and India. For same Stripe would utilize $245 million it raised in September last year, valuing the company at $20 billion.