Cashflo, which is an invoice discounting platform and SME lending marketplace, has now secured $3.3 million as a part of its funding round of Series A led by the SAIF partners. The round also saw the participation from the clutch of investors which includes the Arpan Seth, Ashish Iyer, among others.
According to the company, the new funds will be going to be used for expanding the business, increasing the team size, and enhancing the platform, while keeping up with the growth plans. The startup is even aimed to expand around 75 employee base in the coming two years.
The company which is i9incoporated by the Dushyant Agarwal, and Ankur Bhageria in 2017, Chasflo helps the sellers to undertake working capital through discounting their invoices and get early payments to manage their needs of the working capital.
“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.”Ankur Bhageria, Co-Founder & CEO, Cashflo
The startup claimed that just like the traditional solutions that typically use a single source of funding – either with the help of financial institution or buyer own treasury surplus, Cashflo takes an integrated marketplace approach giving buyers, holistic and the flexibility to decide their funding mix across the multiple sources while funding the sellers.
“We are delighted to partner with Cashflo, which is riding on the massive tailwind of supply chains getting more organised 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.”Mridul Arora, Managing Director, SAIF Partners
The startup as of now has a presence in more than 30 Indian cities which includes the top seven metros.
The client base of the Cashflo, include the Tata Group, Bajaj Group, Aditya Birla Group and some of the large corporates across the sectors such as retail, pharma, auto, capital goods, textiles, logistics and among others.