NewsVoir
Mumbai (Maharashtra) [India], May 23: CashFlo, India's most comprehensive finance automation and compliance platform, today announced its acquisition of Logitax, an all-in-one GST & E-invoicing Compliance platform for an undisclosed amount, solidifying its position as a leader in finance automation and compliance. The integration of Logitax's compliance suite bolsters CashFlo's Accounts Payables automation, Payments & Reconciliations, and Invoice Discounting offerings, enabling it to cater to an even broader spectrum of mid- and large corporate enterprises. The entire team of Logitax including its leadership will merge with CashFlo and continue to advance the future of finance automation.
With this acquisition, CashFlo expands its portfolio to offer a comprehensive full suite of finance automation products in the Accounts Payables & Receivables Management category. Among these offerings are AP Automation, Payments & Reconciliation, GST filing and reconciliation, Supply Chain Financing, ERP Integrations, e-invoicing, and GST ITC maximization. Through these innovative solutions, CashFlo empowers enterprises to realize substantial savings, amounting up to 5 per cent in EBITDA margin improvement annually.
Following this acquisition, the combined entity is poised to serve over 1200 enterprises and expand its SME network to over 300,000 companies, underscoring CashFlo's commitment to catering to a diverse range of businesses. With over Rs. 1,80,000 Crores of invoices flowing via the platform annually, this makes the combined entity a leading Finance Automation & Supply Chain Finance Company in India.
Ankur Bhageria, CEO-Founder of CashFlo, commented, "This deal marks a significant step forward in our mission to transform how businesses in India pay and get paid, thereby fueling the country's growth. Logitax's mission to provide comprehensive GST compliance solutions resonates deeply with CashFlo's commitment to revolutionizing B2B Payments, and their expertise and offerings complement ours, making Logitax the ideal partner for us. We've been working with them as our partners for several months now and we felt joining forces formally will significantly strengthen our position in the industry."
Aditya Kulkarni, CEO of Logitax added, "Joining forces with CashFlo is a fantastic opportunity for Logitax and our customers. We have fast-tracked our vision of solving complex problems around Accounts Payable, B2B payments and embedded financing. With full stack invoice automation, payments, compliance and lending solutions, we look forward to strengthening relationships with our customers and bringing more value to them."
Established in 2018 by Ankur Bhageria and Dushyant Agarwal, CashFlo is a one-of-a-kind AP automation and supply chain financing platform. The company's mission is to reimagine how businesses pay and get paid, and act as a catalyst for the economy. CashFlo's AP Automation & Payments suite is transforming the way large businesses across the country handle their payments. Founded by illustrious alumni from BCG, ISB, and IIM, CashFlo is fortified by the trust and backing of prominent investors such as Elevation Capital and General Catalyst.
CashFlo's award-winning platform creates a harmonious ecosystem for buyers, suppliers, and financiers. The company's integrated AP & financing platform has become a key driver of growth for over hundreds of enterprises and over 200,000 mid-market and SME companies across more than ten sectors. CashFlo proudly serves a clientele that includes marquee corporates like Murugappa group, Zydus Healthcare, Thermax, Lupin, IFB, Apar Industries, Kalyani Group to emerging corporates like Mosaic wellness, Souled Store, Durian, Cona Electricals among others.
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