EnKash raises $20 million in funding round led by Ascent Capital

Corporate cards startup EnKash on Monday said it has raised USD 20 million (around Rs 150 crore) in a funding round led by Ascent Capital.

Baring India and Singapore-based White Ventures also participated in the series B funding round along with existing investors, Mayfield India and Axilor Ventures.

"EnKash is working with an objective to offer better experience and accessibility of financial and non-financial products for businesses. It intends to further expand its offerings with the infusion of fresh capital and lead the space with innovative offerings around banking-as-a-service, scaling up its 'plug and play' cards issuance stack and plans to expand its geographical presence on the international front, EnKash co-founder Hemant Vishnoi said in the statement.

 

In 2019, the company had raised USD 3 million from Mayfield and Axilor Ventures as part of series A funding round.

The company was seed-funded by Axilor Ventures. EnKash has partnered with SBM India to roll out its cards issuance business and forged healthy partnerships with banks such as ICICI Bank, Axis Bank, HDFC Bank and SBI.

"EnKash has stepped up to democratize access to software and payments. We believe that EnKash is poised to continue leading this, growing USD 500 billion plus market, on the back of its comprehensive offering, impressive execution velocity, prudent capital allocation and experienced leadership team; a team with whom we have successfully worked in the past," Ascent Capital partner Subhasis Majumder said.