Published 17:43 IST, February 7th 2024
Cashinvoice raises $3.4 million led by HDFC Bank
The Mumbai-based supply chain financing platform is targeting credit support of over $2.4 billion by FY25
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Fundraise: Supply chain financing platform Cashinvoice has raised $3.4 million in Series A led by HDFC Bank and other institutional investors.
Founded in 2018, the company is looking at empowering thousands of MSMEs linked to over 5,000 anchor corporations with the current fundraise.
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Cashinvoice is also aiming to provide credit support of more than $2.4 billion by FY25.
The company said it has achieved breakeven, having facilitated disbursement of over 15 lakh invoices since September 2019.
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The current fundraise is also aimed at expanding operations in existing and newer markets.
Cashinvoice had raised its pre-series A round from Accion Venture Lab in 2021. It is an online invoice discounting platform which also offers cash flow automation, business loans, and offers two primary products to businesses - PayEarly and TradEasy.
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Automation of cash invoice generation, payment clearance and reconciliation settlements are some of the services offered by the platform. Buyers can avail discounts with early payments on the platform, and it also acts as a marketplace for invoice financing, credit line loans, supply chain financing.
The startup partners with 25 banks and a network of supply chain giants or anchor firms such as Tata Motors, Voltas and Britannia.
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Cashinvoice claims to have a network of 100,000 distributing and supplying vendors, of which 5,000 are actively borrowing MSMEs. Its total invoice financing throughput stands at around Rs 17,000 crore.
17:43 IST, February 7th 2024