Mumbai-based mobile payments platform for micro merchants, FTCash, has raised an undisclosed amount of funding in its Pre-Series A round, from 500 Startups. Existing investors IvyCap Ventures also participated in the round.
The startup will deploy the raised funds for product development and merchant acquisition. It will also be used for acquiring new talent in the team.
Founded in 2014 by Sanjeev Chandak, Deepak Kothari, and Vaibhav Lodha, FTcash provides seamless solutions for micro-merchants to accept payments through multiple payment instruments including debit cards, credit cards, and mobile wallets. It additionally also provides short-term loans to these merchants.
Commenting on the funding, Sanjeev Chandak, co-founder and CEO of FTCash said, “Their support will enable us to further accelerate our business growth, drive our expansion plans and scale up operations in Mumbai, Surat, Jaipur, and Pune.”
The startup currently facilitates payments solutions to more than 25K merchants. It further plans to scale to $233 Mn (INR 1,500 Cr) worth of annual transactions.