HomeFinanceCashinovice raises $1 Mn from Accion Venture Lab

Cashinovice raises $1 Mn from Accion Venture Lab



Mumbai based supply chain financing platform, Cashinovice has raised $1 million in pre-Series A round funding from Accion Venture Lab.

“The fundraise of $1 million will be utilized to help lenders extend working capital to underserved micro-organizations based on their transactional data by leveraging AI,” the statement said.

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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.

To to-date the company has disbursed over 10 lakh invoices amounting to over INR 4,000 crores and has over 3,500 MSMEs on the platform. 

The pre-series A funding by Accion Venture Lab comes at a strategic period as the platform gears up to facilitate over Rs 10,000 crores worth of financing for MSMEs in the year ahead. 

Commenting on the fundraise, Arun Poojari, Co-founder & CEO of Cashinvoice, said, “We are thrilled to be associated with Accion Venture Lab. Accion is well respected across the globe for its impact investing-led practices and objectives. This new funding round will help us develop our key services of early payments to suppliers, purchase order financing, buyer financing, and retailer financing.”

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“We are glad to be a part of this revolutionary moment where new-age fintech like ours are redefining the rules of lending by using alternate transactional data to efficiently originate, assess and monitor borrowers, thus bridging the trust deficit between SMEs and lenders,” he added.

Speaking on the investment in Cashinovice, Michael Schlein, President & CEO of Accion said that,  “Millions of MSMEs across India are struggling to recover from the effects of the pandemic, and they need customized financing options to adapt and build resilience. By applying innovative new credit-assessment strategies to expand access to financing for MSMEs, Cashinvoice is creating an inclusive financial system and ensuring that microentrepreneurs can continue serving their communities.”

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“Despite India’s GDP is majorly dependent on the health of the MSME ecosystem, the current gap in financial inclusivity for micro-organizations. Technology has always been the core at Cashinvoice, where we have developed AI tools to analyze trade ledger data along with alternate data points to evaluate a borrower’s creditworthiness, even if they lack a formal credit history,” Shrinivas Kasar, Co-founder & COO of Cashinvoice added.

Further speaking on the fundraise, Amee Parbhoo, Managing Director of Accion Venture Lab, added, “We see great potential in Cashinvoice, as they are a unified platform for all SCF needs, backed with cutting-edge advanced technology. Unlocking working capital within supply chains is the need of the hour, as it not only helps with effective cash flow management incorporates, but also caters to the large number of underserved micro-enterprises who need formal sources of lending.”


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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

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