Fxkart.com gets Rs 12.52 cr in seed funding

Online aggregator of foreign exchange dealers allows one to exchange currencies on mobile

The Bengaluru-based start-up Fxkart.com, an online aggregator of foreign exchange dealers, has received $2 million (around Rs 12.52 crore) seed funding from its founder Mushtaq Shah and strategic advisor Faraz Naqvi. The seed funding is in their private individual capacities, the company said. Shah, based in the UK, is the co-founding partner of Quantmetrics Capital Management, a billion dollar hedge fund company.

Naqvi, based in the US, is a partner at QM Ventures, a private investment group focusing on investments in healthcare, technology and infrastructure sectors. Fxkart.com is an online platform for exchange of foreign currency that helps to improve the consumer experience of carrying out their forex transactions. The company is registered in Dubai's free zone with its R&D centre in Bengaluru.

The funds will be used to up the dealer network of the company in India and enhance IT infrastructure, the company said. Fxkart.com also announced the launch of forex booking mobile app, showcasing over 500 dealer locations across the country, with geo-location, instant chat and deal tracking features.

"Fxkart.com provides the consumer the best exchange rates by comparing rates across foreign exchange dealers in the city, who compete for the consumer's business making the rates offered very competitive. All this at a click of a button," said Mushtaq Shah. "This also gives dealers better visibility with consumers and hence more volume," he said.

The firm's mobile app allows one to get the best forex rates on the mobile. Fxkart.com has entered a space known for aggregation of prices of products and services.

With the new app, one no more needs to call up banks or forex dealers to get a competitive exchange rates. The mobile app ensures one need not have to call up multiple forex dealers to find the best price. Nor does one need to be constrained by the distance of forex dealer from the buyer in need. It, hence, frees up time for the forex buyer and can get the best price.

The app which had been in beta for six-seven weeks is now live, said the company. The app is on iTunes, Google play store among others. The firm said that the force provider for the firm will be the tech stack that will integrate with the technology. A technology stack comprises the layers of components or services that are used to provide a software solution or application.