Cashinvoice, a supply-chain financing platform, has successfully raised $3.4 million in a Series A funding round, with HDFC Bank leading the investment. The infusion of capital is poised to fortify Cashinvoice's current operations and fuel the introduction of innovative products within the supply chain finance ecosystem.
The Series A funding round was strategically designed, with a key focus on securing the involvement of HDFC Bank, India's largest private sector bank. Arun Poojari, CEO and co-founder of Cashinvoice, emphasised the significance of this collaboration, anticipating substantial synergies.
Poojari highlighted that the partnership with HDFC Bank would enable co-product development, leveraging the reach provided by the bank and combining it with Cashinvoice's product and tech expertise. This collaborative approach is expected to drive real expansion and value within the supply chain finance proposition.
Since its establishment in 2019, Cashinvoice has achieved a notable milestone by reaching breakeven. The platform has facilitated the disbursement of over 15 lakh invoices and boasts a user base of more than 3,000 Micro, Small, and Medium Enterprises (MSMEs).
Arun Poojari provided insights into the platform's financial performance, stating that they are projected to close the current fiscal year with $1.1 million in revenue. Looking ahead, Poojari envisions a fourfold increase in revenue in the next financial year, highlighting the platform's optimistic growth trajectory.
Emphasizing the strategic nature of the recent funding round, Poojari indicated that a more substantial funding round is on the horizon in the next 6-8 months. This upcoming round aims to support Cashinvoice's ambitions of transitioning to a multi-country model.
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