Forex aggregator Fxkart.com to raise $5 million

RBI-licensed Fxkart.com, a leading online aggregator of foreign exchange dealers, will use the funds for technology improvement, innovation and R&D

Fxkart.com, a leading online aggregator of foreign exchange dealers licensed by the Reserve Bank of India (RBI), plans to raise $5 million over the next three months.

"The amount can be raised through multiple sources - angel investors, venture capital or even individuals. We are in very advanced stage of talks to raise the funds. The amount would be used on technology improvement, innovation and research & development (R&D)", said Ankit Anubhav, head (marketing & public relations), Fxkart.com.

Presently, the aggregator operates through over 150 money changers, catering to over 1300 locations in the country. The company aims to launch its international operations by the end of this year.

"Our team ensures that the money changers are well trained. Technology is the key thing that we are harping on for this project. Also, we will be launching a slew of new products in the next six months", Anubhav said.

Fxkart.com, a Dubai-based free-zone company with its R&D centre in Bengaluru, had received a seed funding of $2 million in March 2015.

It has also launched India's first forex booking mobile app in 2015, showcasing over 150 dealer locations across the length and breadth of the country, with convenience enhancing features such as geo-location, instant chat and deal tracking.

"The application would answer all customer queries about foreign exchange & provides forex advisory through a personalized chat option. Users can enter the city or the locality from where they want to collect the foreign exchange, and automatically the screen would display the RBI licensed money changers in and around the locality along with the best rate," said Anubhav.