General Catalyst led the funding round, which saw the participation of other investors, including Elevation Capital
Finance automation and payments platform CashFlo has raised Rs 70 crore in its second round of funding, the company said on Tuesday. This capital will allow the company to grow its product lines for the cash flow operations, invest in core technology and expand its category leadership in the vendor financing automation market in India.
The latest funding round was led by General Catalyst. Other investors, including existing Elevation Capital, also participated in the round, it added.
The Mumbai-based company said its flagship offering on dynamic discounting and vendor financing automation has grown 800 per cent in the last one year, besides expansion of its network to over 50 supply chains, with a network of over 2,00,000 Tier-1 and Tier-2 suppliers and dealers.
"Over the past three years, we have heavily invested in our product and technology capabilities to constantly stay ahead of the market. Today we are head and shoulders above the competition in terms of product and execution capabilities," said Ankur Bhageria, CEO at CashFlo.
Founded in 2018, the platform helps businesses automate their core finance processes and manage their cash flows better, as per the company.