The funding round was led by Ascent Capital, with participation from Baring India, White Ventures, and existing investors Mayfield India and Axilor Ventures
EnKash intends to use the fresh equity to further expand its offerings
Indian users lead the globe in their intent to use Buy Now, Pay Later (BNPL) services, according to a recent report by US-based YouGov.
Fintech startup EnKash has raised $20 Mn as part of its Series B funding round led by Ascent Capital. The round also saw participation from Baring India and White Ventures, along with existing investors, Mayfield India, and Axilor Ventures.
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The startup plans to utilize 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 (the 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,” said, cofounder Hemant Vishnoi.
The corporate expense management market in India is pegged at $5 billion, Vishnoi said. “We will also expand further in capturing the market in India,” he added.
“On the non-financial side, we have started something called the rewards points where we make sure special discounts are being offered to Enkash customers. And there are other products that are in the beta stage,” Vishnoi added.
Enkash’s average ticket size is about Rs 10-12 lakh for Buy Now Pay Later (BNPL) spends, while normal spending is clocked at around Rs 5-6 lakh. The average annualized spend rate of Enkash is around $2 billion.
Enkash has around 70,000 businesses and 500,000 issued cards. It previously raised $3 million, led by Mayfield and Axilor Ventures in Series A funding in 2019. The company was seed-funded by Axilor Ventures.