Mumbai-based supply chain financing platform Cashinvoice has raised $3.4 million in its Series A round from institutional investors Pravega Ventures, HDFC Bank and existing investor Accion Venture Lab.
Previously, the startup had raised $1 million in its pre-Series A round from Accion Venture Lab in 2021.
Founded in September 2019, Cashinovice provides customized supply chain financing (SCF) solutions to the buyers and suppliers of mid and large corporates through its digital marketplace for invoice discounting.
Cashinvoice plans to disburse loans worth $2.4 billion to micro, small and medium enterprises by the financial year ended March 2025 (FY25).
The startup partners with 25 banks and a network of supply chain giants or anchor firms such as Tata Motors, Voltas and Britannia.
Cashinvoice claims to have a network of 100,000 distributing and supplying vendors, of which 5,000 are actively borrowing MSMEs. Its total invoice financing throughput stands at around Rs 17,000 crore.