Spark Financial Holdings ("Spark") acted as the exclusive financial advisor to the transaction.
Spark is pleased to announce the successful closure of a USD 20 Mn equity round in Nehat Tech Solutions Private Limited (“Enkash”) led by Ascent Capital with participation from Baring India, White venture Capital along with existing investors Mayfield India and Axilor Ventures. .
EnKash is a full stack Corporate Cards and Spends Management Platform focusing on the underserved small and mid-market segment. Since its last round of funding in 2019, the platform has grown 27x, driven by strong leadership & execution team with 70,000+ businesses onboard, 5 lakh+ cards issued and ~$2 Bn of Annualized GTV. The fresh equity raise is expected to strengthen its offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and expanding its geographical presence internationally.
Spark continues to maintain its leadership in the financial services space having consummated 52 transactions aggregating ~USD 3.3 Bn.
Commenting on the successful completion of the transaction:
Hemant Vishnoi, Co-founder of EnKash remarked, “EnKash is working with an objective to offer better experience and accessibility of financial and non-financial products for businesses. We welcome Ascent Capital, Baring India, White Ventures on board and equally delighted that our existing investors Mayfield India & Axilor Ventures are backing us in this exciting journey. We also thank Spark Financial Holdings for their assistance in completing this important round.”
Naveen Bindal, Co-founder of EnKash remarked, “It was very important for us to get like-minded investors who has a good understanding of the space, we are happy to have Ascent, Baring and White ventures join us to strengthen the team. Spark team has worked with us on this deal shoulder to shoulder, it was a very nice experience, and we are proud to partner with team Spark.”
Ramprashanth Ganesan, Vice President – Investment Banking, Spark Financial Holdings remarked, “We’re privileged to be a part of Enkash’s journey. This equity raise fortifies EnKash’s leadership in the B2B spends management space and is a testament to the fundamental strength of their business model in an otherwise tough customer segment.”