Digital supply chain finance marketplace Cashinvoice has clocked in a transaction throughput of Rs 2,100 crore in FY 2020-21.
Launched in 2018, Cashinvoice offers end-to-end Supply Chain Financing services to some of India’s Top 50 corporates. The platform has processed close to 5,00,000 invoices drawn by small and medium enterprises on their Large Corporate Buyers, the company said in a release.
Clients of Cashinvoice have witnessed reductions in procurement cost to an extent of 1.0 -2.0 % by implementing the AI driven automated SCF solution.
Cashinvoice CEO Arun Poojari said, “We aim to cross the Rs 10,000 crore mark in FY21-22, though our robust digital process and innovative services to our current and prospective customers.”
Cashinvoice, which witnessed minimal business activity in the first two months of FY20-21 owing to nationwide lockdown, saw a quick spurt starting July 2020 as economic resurgence became evident across the country.
Cashinvoice Co-founder Shrinivas Kasar said that the digital adoption accelerated as a result of lockdown which has helped them implement their solutions more efficiently.
He added, “We have built easy to implement utilities that build a seamless interface between large ERP systems and banks who provide funding on our platform. To make the access easier to small businesses, we also launched our mobile application in September 2020 and have witnessed that 50% of our transactions happen through this channel.”