Cashinvoice raises $3.4 million in Series A financing
- ByStartupStory | February 7, 2024
Cashinvoice has successfully secured $3.4 million in Series A funding, with HDFC Bank, Pravega Ventures, and Accion Venture Lab leading the investment. The company aims to achieve $2.4 billion in loan disbursals to MSMEs by FY25, focusing on expanding operations, enhancing market presence, and developing new products.
According to Shrinivas Kasar, Co-founder of Cashinvoice, “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.”
Cashinvoice operates a digital invoice discounting marketplace, facilitating anchor companies and MSME partners while integrating with corporates for loan processing against invoices. The platform has already facilitated over 15 lakh invoices, totaling more than Rs 15,000 crore.
With HDFC Bank, Pravega Ventures, and Accion Venture Lab as key backers, Cashinvoice is poised to advance its mission of empowering MSMEs through efficient financial solutions. The investment underscores the potential for technological innovations to revolutionize cash flow management for small and medium enterprises.
The company’s focus on leveraging SCF technologies highlights its commitment to addressing the financial needs of the MSME sector, which plays a crucial role in India’s economic landscape.
Cashinvoice’s digital platform serves as a catalyst for bridging the gap between anchor companies and MSMEs, providing them with access to much-needed financing solutions. This initiative is pivotal in driving economic growth and fostering greater financial inclusion within the MSME ecosystem.
The successful Series A funding round signifies investor confidence in Cashinvoice’s business model and growth prospects. It positions the company to further strengthen its market position and scale its operations to serve a larger segment of MSMEs.
As Cashinvoice continues to innovate and expand its offerings, it is poised to play a significant role in transforming the landscape of supply chain finance, benefiting businesses across various industries.
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