B2B FinTech EnKash Hopes to Tap India’s $500B Spend Management Market

Coming off a recent $20 million funding round, spend management platform EnKash said it wants to expand on a global level.

But according to co-founder Hemant Vishnoi, the company also wants to grow in its home country of India, where the corporate spend management market is worth $500 billion, EnKash said in a news release Monday (May 16).

“The majority of the investment will also go into product and technology development, hiring, and scaling up in India,” he said. “We will also continue to expand our presence in the Indian market.”

The company said it wants to to improve the experience and accessibility of financial and non-financial products for its business clients through a number of initiatives.

EnKash has more than 70,000 business clients and has issued more than 550,000 cards, and partners with “three nonbank financial institutions,” Co-founder Naveen Bindal said.

Bindal added that “small- to medium-sized businesses require better experience and accessibility of financial and non-financial products with the growing market.”

Launched in 2018, the company was founded by a trio of payments/cards industry veterans: Bindal, Vishnoi and Yadvendra Tyagi.

The company focuses on small- to medium-sized businesses and companies with revenues between Rs 10 crore ($1.2 million) and Rs 1,000 crore ($120 million).

EnKash announced its funding round in April, a $20 million Series B led by Ascent Capital.

See also: Indian Spend Management Platform EnKash Raises $20M in Series B

“Expenses are just a tiny sliver of a company’s payables and expense management platform is just one software,” Bindal said at the time.

“Financial teams also need to manage statutory payments, supplier payments, payroll and reconcile bank accounts, often in different countries, resulting in an overwhelming amount of work. Similarly, account receivables required paper or email-based invoicing, offline collections and hassled reconciliation,” he said.