Fxkart.com, an online aggregator of authorised foreign exchange dealers, is looking to raise USD 5 million in Series A funding by the end of this quarter.
“We are in advanced stage of negotiations and by end of this (June) quarter, we hope to raise USD 5 million,” Fxkart Business Development Head (East and North) Dhruba Khatua said.
The fund will help Fxkart.com in marketing, technology and increased dealer participation.
Fxkart.com FZ LLC is a UAE-based Free Zone Company, having its research and technical base at Bengaluru and had received a seed funding of USD 2 million in March 2015.
The start-up, claimed to be Indias first forex aggregator, operates through over 200 money changers catering to over 1,000 locations in the country.
Khatua said they get a commission from the dealers for any business generated from the platform.
“On an average, 1,500-2,000 transactions are recorded from web and app per month and we are witnessing a 30 per cent growth,” he said, adding that the company will focus on building the eco-system for three years before it concentrates on bottom line.
Fxkart offers best forex rate for a customer from the dealers close to his location and offers home service also.