CashFlo raises Rs 70 Cr from General Catalyst and Elevation

Finance automation and payments platform CashFlo has raised Rs 70 crore (nearly $9 million) led by General Catalyst with participation from existing investor, Elevation Capital. Angels in this round include Jitendra Gupta , Amrish Rau, Nitin Gupta, Rangarajan K (FiveStar), Gokul Rajaram and Whiteboard Capital among others. 

This is the second fundraise for the Mumbai-based startup. Elevation had previously invested in CashFlo’s maiden fundraise in 2019. 

The funds will be used to expand market leadership in India’s enterprise segment and invest in core products and technology, it said in a press release.

Founded in 2018 by Ankur Bhageria and Dushyant Agarwal, CashFlo helps vendors to access affordable short-term capital while it enables corporates to optimize working capital flow and increase topline by managing their supply chain’s finances efficiently. It works with corporates like Tata Group, Haldia Petrochemicals, Aditya Birla Group, Vedanta, Arvind Limited among others.

The company competes with a clutch of fintech and non-banking financial corporations which focus on providing working capital requirements. CashFlo’s broader peers include Indifi, M1xchange, Lendingkart, Incred and others. On Tuesday, another supply chain financing company - FinAGG Technologies also raised $3 million in its  pre- Series A round.