B2B Payments Platform EnKash Raises $3 million
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The Indian digital lending space has seen a boom in the last few years and demonetization might have a significant role to play. The lending space is not just seeing a boom but is also emerging in several branches including B2B, B2C etc.
Moreover, the investors are recognizing the potential in this sector and are ready to invest in the fintech start-ups.
The recent start-up to join the funding bandwagon in the digital payments space is EnKash, a B2B payments platform, which raised $3 million, from Mayfield India and Axilor Ventures.
In an email exchange with Entrepreneur India, Yadvendra Tyagi, Co-founder and CEO of EnKash, shared that the funds will be utilized to further boost the business growth of the company. He said, “The funds will be used to bolster existing technologies and for building a best-in-class leadership team.”
Ease of Business
Businesses and people, at large, are struggling with the way long processes and procedures have sapped the advantages of digitization. In India, trust is one of the biggest concerns, especially, when it comes to digital payments. While every digital payment sector is trying to narrow down the trust concerns, Enkash is no different. Tyagi says, “Businesses in India have been struggling with manual payment processes for a long time.
Businesses are often plagued by cumbersome processes and ageing technology. We are easing out B2B payment problems for thousands of businesses today.” He also adds, “The biggest challenge which we think any company in B2B payments market needs to overcome is the challenge of adoption to move towards digitisation and trust which one should build for businesses to move their payables/receivables through you.”
EnKash is essentially a cloud-based, business payments platform which automates the whole transaction ecosystem. “We offer quick, responsive and smart solutions which can help businesses lower costs and increase efficiency.”
Its aim is to ease the inconveniences of the business for smooth and cost-effective smart solutions. “At EnKash we are building systems and products which eases out the day to day operational challenges which companies face. With our products and services companies can now automate their payables/receivables, payments of their essentials bills like utilities, GST etc and all this with the convenience of sitting in your own office.”
The Dream Team
Tyagi has a lot to say about the importance of having a “stellar team” that is visionary, driven, aspirational etc. In fact, having a team which they have is one of the reasons why the investors were able to show faith in their business. He says, “The biggest factor in any company’s success is the team, the three founders come with extensive experience in payments domain ranging from card issuance, merchant acquiring or overall transaction processing, spanning across technology, product, operations, sales and business development.”
EnKash is definitely rooting for a stronger presence and it definitely has what it takes to make it.