Naveen Bindal, Hemant Vishnoi, and Yadvendra Tyagi created EnKash after working with significant payment processing businesses, banks, and fintechs. To launch its card issuing business, the team collaborated with SBM India and has agreements with ICICI Bank, Axis Bank, Kotak Bank, HDFC Bank, and State Bank of India, to mention a few. The squad formed a strategic relationship with Mastercard in December 2020.
Currently, the firm promises to handle annually spending of roughly $2 billion on its network with over 70,000 companies and over 500,000 issued cards. In 2019, the firm secured $3 million from Mayfield and Axilor Ventures as part of its Series A investment. Axilor Ventures provided seed funding for the startup.