Mumbai-based financial technology firm Cashinvoice has secured $3.4 million in Series A funding from investors like HDFC Bank, Pravega Ventures, and Accion Venture Lab, aiming to propel its innovative supply chain finance solutions for MSME sector.
The company, founded in September 2019, operates a digital invoice discounting marketplace that empowers Micro, Small, and Medium Enterprises (MSMEs) through innovative financial solutions.
The recent Series A funding marks a significant milestone for Cashinvoice as it positions itself to advance its mission of providing efficient financial solutions to the MSME sector. With a commitment to addressing the financial needs of this crucial segment of India’s economic landscape, the company aims to disburse $2.4 billion in loans to MSMEs by the end of the fiscal year in March 2025 (FY25).
Shrinivas Kasar, Co-founder of Cashinvoice, said, “This strategic investment will enable extended financial inclusion for the missing middle by deploying innovative SCF technologies. It underlines our dedication to transforming MSMEs’ cash flow and working capital management, creating a more streamlined and efficient supply chain finance landscape.”
The funding will enable the company to expand its operations, enhance its market presence, and develop new products, further strengthening its position in the market.
Digital Innovation in Supply Chain Finance
Cashinvoice operates a digital platform facilitating anchor companies and MSME partners by integrating with corporates for efficient loan processing against invoices. The platform has already facilitated over 15 lakh invoices, totaling more than INR 15,000 crore.
The company’s focus on leveraging Supply Chain Finance (SCF) technologies underscores its commitment to transforming cash flow management for small and medium enterprises.
The digital marketplace catalyzes the gap between anchor companies and MSMEs, providing them with access to much-needed financing solutions. This initiative drives economic growth and fosters greater financial inclusion within the MSME ecosystem.
Strategic Partnerships and Impressive Network
Cashinvoice has strategically partnered with 25 banks and a network of supply chain giants, including Tata Motors, Voltas, and Britannia. The startup boasts a network of 100,000 distributing and supplying vendors, with 5,000 actively borrowing MSMEs. The total invoice financing throughput stands at an impressive INR 17,000 crore.
As Cashinvoice continues to innovate and expand its offerings, it will significantly transform the supply chain finance landscape. With a total financing throughput of INR 17,000 crore and a strong network of partners, the company aims to benefit businesses across various industries.
Cashinvoice’s successful Series A funding signifies investor confidence and marks a crucial step towards reshaping the future of MSME financing. With strategic partnerships, digital innovation, and a commitment to financial inclusion, the fintech firm aims to be a key player in the evolving supply chain finance landscape.
Stay ahead of the curve and follow IndiaTechDesk on Facebook, Twitter and Linkedin for in-depth news of market trends, funding updates, and regulatory changes affecting startups in India.
Read More:
- South Korean VR Startup Looxid Labs To Introduce Cutting-Edge Cognitive Software for Seniors, ‘LUCY’ At Facebook Accelerator Seoul Demo Day
- ZappFresh Zaps Up $4.3 Million, Meaty Profits and Poultry Pursuits Await
- EMotorad Secures $20 Million in Series B Funding to Power Global Expansion of Smart Electric Cycles
- Ecoil Secures INR 3 Crores in Funding to Revolutionize Eco-Friendly Gasoline Production
- Sequoia Capital Closes $2.5 Billion Funding for India and Southeast Asia
