Supply Chain Finance Startup CashFlo Raises $8.7M In Funding
Cashflo, a supply chain finance startup, has raised $8.7 million (Rs 70 crore approx.) in fresh funding led by General Catalyst.
The funding round also saw participation from existing investor Elevation Capital and prominent angels, including Nitin Gupta (Uni), Jitendra Gupta (Jupiter), Amrish Rau (Pine Labs), Rangarajan K (FiveStar), Gokul Rajaram, and Whiteboard Capital, among others.
As per the startup, the raised capital will be deployed to grow product lines for the CFO function, invest in core technology, and expand category leadership in the vendor financing automation market in India, it said in a statement.
CashFlo | Supply Chain Finance Startup
Founded by ex-Boston Consulting Group (BCG) executives Ankur Bhageria and Dushyant Agarwal in 2018, CashFlo is a B2B payment and working capital platform. It offers a discounting and vendor financing automation platform, helping businesses automate their core finance processes and manage cash flows better.
Speaking about the development, Ankur Bhageria, Co-founder and CEO of Cashflo, said,
“Over the past three years, we have heavily invested in our product and technology capabilities to constantly stay ahead of the market and bring a differentiated value proposition to our clients. Today we are head and shoulders above competition in terms of product and execution capabilities. This is evident from our 800%+ growth in the last 12 months.”
Cashflo enables buyers to pay for goods and services early and earn >12% risk-free returns or pay later and unlock up to 180 days of working capital. The platform also ensures GST compliance among suppliers and automatic payment reconciliations.
The supply chain finance startup claims to have expanded its network to over 50 large supply chains, including ITC, Lupin, Tata Group, L&T Group, Murugappa Group, Delhivery, Thermax, and Arvind, among others. Cashflo has a network of over 2,00,000 Tier 1 and Tier 2 suppliers and dealers.