Enkash

About Enkash

Enkash, legally known as Nehat Tech Solutions Private Limited, was established in 2018 by a team of veterans from the cards and payments industry: Naveen Bindal, Hemant Vishnoi, and Yadvendra Tyagi. The founders brought over 50 years of combined experience from senior roles at companies like Citrus Pay (later acquired by PayU), HDFC Bank, and NPCI, identifying a gap in the market for comprehensive B2B payment solutions. Headquartered in Mumbai, the company began with a mission to simplify digital B2B payments and improve credit accessibility for small and medium-sized enterprises (SMEs) and startups.

The company operates a spend management and corporate card platform targeting SMEs with annual turnovers between Rs 10 crore and Rs 1,000 crore. Its business model focuses on providing a unified platform for businesses to manage a wide array of financial operations, including accounts payable, accounts receivable, expense management, and vendor payments. Revenue is generated through its suite of financial products. For the fiscal year 2023-2024, Enkash reported total revenue of ₹307.9 crore. Since its inception, the firm has secured $23.5 million in funding over three rounds, with a significant $20 million Series B round in March 2022 led by Ascent Capital, Baring Private Equity Partners, and White Venture Capital.

Enkash offers a comprehensive suite of products designed to centralize and automate business finances. A core offering is its corporate card program, which includes both physical and virtual cards for various use cases such as T&E, procurement, petty cash, and employee benefits. The platform facilitates spend management by allowing businesses to set limits, track expenses in real-time, and streamline approval workflows. It also features a modern payment gateway with APIs that support multiple payment methods and integrate with existing ERP and accounting systems. Recently, Enkash launched "Olympus," a platform that consolidates payables, receivables, and reconciliation, and "CardX," a banking infrastructure API suite that enables other organizations to launch their own branded card programs. This allows clients to digitize and automate their entire financial operations, gaining real-time control and visibility over their spending.