Enkash expects business to grow by 36% to Rs 250 crore this fiscal

Fintech firm Enkash expects its business to grow by 36 per cent to USD 30 million, about Rs 250 crore, in this fiscal on account of digitisation in small and medium business in the accounting segment, a senior official of the company said.

Ascent Capital-backed Enkash founder Hemant Vishnoi told PTI the company focuses on spends management of small and medium enterprises that have over Rs 10 crore annual turnover and expects the customer base to double in the current fiscal.

“We closed last financial year closer to USD 22 million revenue and we are targeting close to USD 30 million this year. We had a growth of 2.5 to 5 times on multiple business metrics,” Vishnoi said.

The company expects its new platform “Olympus”, which combines payable, receivable and reconciliation in one suite, will be a key growth driver for the company.

“We have closer to 10,000 customers and more than 250,000 businesses connected on our platform. We expect two-fold growth in terms of businesses on our platform in the current financial year,” Vishnoi said.

He said that Olympus beta-phase trial started 2-3 months ago with 50-60 customers, which are expected to grow to around 2,000-3,000 customers this fiscal.

Talking about technology development and its use for product offerings, Vishnoi said machine learning, AI are kind of buzzwords. “If you want to provide the right kind of experience, I think analytics is one part, which can help in providing the right kind of insights to businesses. When you are talking about providing the right kind of software and right kind of experience to the customer, those tools can be built in-house,” Vishnoi said.