Cashflo, a Mumbai based invoice discounting firm, on Tuesday, raised a $3.3 million in a funding series A round from SAIF Partners. The funding helps the firm to incite its expansion plan. The round witnessed participation from some of the select business angels which included Ashish Iyer, previously Senior Partner at Boston Consultancy Group, and Arpan Sheth, Partner & Co-Managing Director at Bain & Co.
Founded in September 2017, by Ankur Bhageria and Dushyant Agarwal, the invoice based platform assists sellers to undertake working capital by discounting their invoices and getting early payments to help administer their working capital needs. Cashflo works with some of the best lenders like ICICI Bank, Yes Bank, and IDFC First Bank.
The startup aims at expanding their business with the new funding by enhancing the platform along with increasing their team size to approximately 75 employees in the coming two years.
Ankur Bhageria, Co-Founder & CEO, Cashflo, mentioned in a press statement,
“This investment from SAIF Partners is a validation of the market opportunity and a testament to the hard work gone in to build this business so far. We are excited to partner with SAIF and be able to leverage their expertise and know-how, especially in financial services, in this next phase of growth. This round gives us the necessary fuel to become one of India’s leading supply chain financing platforms in the years to come.”
The start-up, instead of finding traditional solutions that influence a single source of funding, take a wholly, integrated marketplace approach and gives the buyers the flexibility to make decisions concerning their funding mix across multiple sources while funding the sellers.
Mridul Arora, Managing Director, SAIF Partners said,
“We are delighted to partner with Cashflo, which is riding on the massive tailwind of supply chains getting more organized and consolidated; with eventual unbundling of credit. We, at SAIF Partners, have a strong belief in the founding team’s vision of creating a multi-product, highly liquid and value-accretive credit platform.”
The company has marked its presence in more than 30 cities in India. It has clients who include companies dealing in manufacturing, textile, pharmaceuticals, travel, logistics, and retail. Currently, Cashflo is doing business with corporates including Tata Group, Bajaj Group, and Aditya Birla Group.