Fintech firm Enkash claims three-fold growth in valuation since March

Start-up that helps businesses manage their payments says it will not seek more funding this financial year

EnKash, which helps businesses manage their payments, has grown three-fold in valuation since the last fundraising round in March 2022 and it will not seek more money this financial year, said the company’s co-founder Hemant Vishnoi on Wednesday.

“Since the last fundraising round, we have focused on key strategic pieces that were required for our next phase of growth such as filling key strategic positions as well as ramping up our employee strength,” he told 'Business Standard'. The start-up didn’t provide its valuation.

The start-up in March raised $20 million in a Series B funding round led by Ascent Capital with participation from Baring India, White Ventures and existing investors. It had earlier raised $3 million from Mayfield India and Axilor Ventures.

“The turnaround time in the process of fundraising takes a minimum of six months for a startup, so practically we have no plans to raise any funds this financial year. We are taking a pause as far as fundraising is concerned,” said Vishnoi.

India’s business spends market is estimated at $7 trillion and it will be worth $15 trillion by the end of this decade, according to a whitepaper co-authored by EnKash and Kearney.

Start-ups must be prudent and be capital efficient in hiring employees and growth investments as failure to do so results in unnecessary layoffs, Vishnoi said.

EnKash said in June it plans to double its workforce and will hire 120 people over the next few months. The new hiring plan will take EnKash's total headcount to over 250 employees by the end of the financial year 2023.

In November, EnKash strengthened its leadership team by getting senior industry experts for marketing, sales and legal departments.

EnKash, which became operational in 2018, said that since its launch it has helped more than 100,000 businesses to digitise and decentralise their corporate payments. In four years, the company has issued more than 6,00,000 corporate cards.