Enkash Corporate Cards and Spend Management Platform’s Financial Overview

Enkash, a notable corporate cards and spend management platform, witnessed a dramatic revenue decline of 77% for the fiscal year concluding in March 2025, primarily due to a substantial decrease in service income. Despite this challenging scenario, the Mayfield-backed company effectively reduced its losses by more than half during the same fiscal period.

Financial Performance and Revenue Shift

Enkash’s operational revenue plummeted to Rs 71 crore in FY25 from the previous Rs 304 crore in FY24, as indicated in its consolidated financial statements submitted to the Registrar of Companies (RoC). The firm offers virtual corporate credit cards along with expense management software to assist SMEs in efficiently overseeing their cash flows and expenditures. Notably, the majority of its revenue originates from these services, which saw a striking 77% decline, dropping to Rs 68 crore from Rs 299 crore in the last fiscal year.

Service and Fee Income Decline

Revenue generated from fees and services also contracted by 40%, resulting in Rs 3 crore for the specified timeframe. With the inclusion of non-operating income amounting to Rs 6 crore, Enkash’s collective income was recorded at Rs 77 crore in FY25, a significant decrease from Rs 308 crore in FY24.

Cost Reduction Efforts

The company’s total expenditure decreased by 73%, reaching Rs 94 crore in FY25 from Rs 345 crore in FY24. Gift cards purchased emerged as the largest expense category, accounting for nearly 66% of overall costs. This specific expense reduced by 73%, summing to Rs 62 crore in FY25 down from Rs 233 crore in the previous year.

Employee and Other Expenses

Employee benefit expenditures fell by 44%, totalling Rs 23.5 crore in FY25 in comparison to Rs 42 crore in FY24, while other expenses experienced a steep decline of 89%, amounting to Rs 7.5 crore. For a detailed breakdown of expenses, various sources can be consulted.

Loss Management and Financial Metrics

In spite of the considerable revenue decrease, Enkash successfully managed to lessen its losses through stringent cost management. The company’s losses decreased by 54%, recording at Rs 17 crore in FY25 compared to Rs 37 crore in FY24. Its Return on Capital Employed (ROCE) and Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) margin were noted at -37.70% and -32.25%, respectively.

Unit-Level Analysis

On a unit level, Enkash expended Rs 1.32 to generate a rupee of operating revenue during FY25, contrasted with Rs 1.13 in FY24. The company had cash and bank assets amounting to Rs 25 crore at the conclusion of March 2025, with current assets reaching Rs 68 crore.

Investment and Ownership Details

According to reports from a startup data intelligence platform, Enkash has secured a total of $23.5 million in funding to date, with Ascent Capital, Axilor Ventures, and Mayfield as its leading investors. The firm’s founder, Yadvendra Tyagi, holds a 10.28% stake in the company.