Indian startup Cashflo nabs in $3.3 million in Series A round — BlockInspect

Invoice discounting platform and SME lending marketplace Cashflo recently announced that it has raised $3.3 million as a part of its Series A round. The round was led by SAIF Partners with participation from angel investors including Ashish Iyer (previously Senior Partner at Boston Consultancy Group) and Arpan Sheth (Partner at Bain & Co-Managing Director, Bain & Co), among others.

Cashflo claims that it will use the fresh funding to expand its business and grow its team size. Ankur Bhageria, Co-Founder & CEO, Cashflo, said, “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 and Dushyant Agarwal founded Cashflo in 2017. The company works with sellers and helps them to undertake working capital through discounting their invoices, and procure early capital to meet their operational requirements.

As of now, Cashflo is present in 30 Indian cities, and is working with Tata Group, Aditya Birla Group, Bajaj Group and large corporates across sectors such as auto, retail, pharma, capital goods, textiles, logistics, and services.

Mridul Arora, MD, SAIF Partners commented, “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.”

Image Courtesy: YourStory.com

Originally published at https://www.blockinspect.com on September 4, 2019.