Business

EnKash’s operating revenue increases by 5.8 times to Rs 20 crore in FY20.

EnKash’s operating revenue increases by 5.8 times to Rs 20 crore in FY20. EnKash, a small business cost management app, grew quickly in FY20 as more and more small business owners began to use their services. According to regulatory disclosures, the three-year-old company’s operating income increased 5.8X to Rs 20.02 crore from Rs 3.44 crore in FY19.

EnKash partners with companies to provide credit cards that aid in the management of everyday purchases and expenses. EnKash’s key services are bill payments and corporate cards, so payment gateway charges accounted for 74.7 percent of its overall expenditures in FY20, rising 5.7 times to Rs 18.8 crore from Rs 3.32 crore in FY19.

EnKash made substantial contributions to the talent pool to keep up with the company’s expansion, as shown by the company’s employee compensation expenses, which increased 5.8X to Rs 3.93 crore in FY20 from Rs 67.4 lakhs in FY19. Other running expenses, such as leasing, advertising charges, and technical expenses, nearly quadrupled to Rs 2.37 crore in FY20 from Rs 60.4 lakhs the previous year.

EnKash’s cost sheet is similar to that of every other early stage fintech company. From Rs 4.62 crore in FY19 to Rs 25.17 crore in FY20, the company’s gross spending increased by 5.4 times to Rs 25.17 crore in March 2020. EnKash invested Rs 1.26 per unit to raise a single rupee of operating revenue in FY20. While EnKash’s losses increased by 4X to Rs 4.8 crore in FY20 from Rs 1.2 crore in FY19, the company’s EBITDA margin improved by 994 basis points to -23.1 percent in FY20 from -33.04 percent in FY19.

EnKash last collected funds in the first quarter of FY20. Mayfield Capital and Axilor Ventures contributed Rs 17.65 crore to the firm. The business was priced at Rs 52 crore, according to Fintrackr. The funding aided the company’s overall assets to rise 8.2X, reaching Rs 16.3 crore at the end of FY20, with an asset turnover ratio of 2.23 times.

EnKash recently unveiled a new offering to help companies with various retail or branch outlets ease payments, expanding its field of operation. EnKash’s financial success in FY20 was respectable, and its progress appears to be promising. Brex, BankBazaar, and Freecharge are among the companies that have introduced their credit cards

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