Cashinvoice, a digital supply chain financing platform, has successfully raised $3.4 million (INR 28.2 Crores) in a Series A funding round, with prominent participation from Pravega Ventures, HDFC Bank, and existing investor Accion Venture Lab.
The influx of fresh capital will be utilized by the startup to scale up its existing operations and facilitate the introduction of new products within the supply chain finance ecosystem.
Arun Poojari, Co-founder and CEO of Cashinvoice, expressed, “This funding round positions Cashinvoice to further enhance its capabilities, capitalizing on India’s Digital Payments Infrastructure (DPI) and the sustained growth in trade activities, which aligns with the increasing GST collections.”
Co-founder Shrinivas Kasar added, “With this round, we are well-positioned to make a significant impact by expanding our reach to empower thousands of Micro, Small, and Medium Enterprises (MSMEs) connected to over 5,000 anchor corporations, with a target credit support exceeding $2.4 billion by FY25.”
Cashinvoice, headquartered in Mumbai, has achieved breakeven by facilitating the disbursement of over 15 lakh invoices since September 2019, totaling more than INR 15,000 Crores. The company aims to disburse loans amounting to $2.4 billion to MSMEs by FY25.
Collaborating with 25 banks and partnering with supply chain giants like Tata Motors, Voltas, and Britannia, Cashinvoice operates through its digital invoice discounting marketplace. The platform provides customized Supply Chain Finance (SCF) solutions to anchor companies, including some of India’s top 100 corporates, and their MSME partners such as vendors and distributors. The digital platform integrates with anchor companies, leveraging validated invoices and risk assessment. It also facilitates digital loan processing against invoices for lenders, with the goal of increasing its discounting throughput to INR 20,000 Crores and expanding the MSME base to 10,000 from the current 3,000 by FY25.
Established in 2018, Cashinvoice has built a network of 100,000 vendors, with 5,000 actively borrowing MSMEs. The total invoice financing throughput of the company stands at approximately INR 17,000 Crores.