Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
The next gen startups are not swarming the cluttered space, but crafting their own niche. Who thought that currency exchange during travelling would be so easy to handle one day.
Bangalore-based, online currency exchange startup, FxKart.com, has brought the in-time facility for the travelers to obtain the best rate from various forex dealers on a single platform.
This startup just raised a $2 Mn seed funding. The amount raised is under the private individual capacities of founder Dr Mushtaq Shah and its Strategic Advisor Dr Faraz Naqvi.
Dr Mushtaq Shah, founder FxKart.com, is also the co-founding partner of U.S.-based hedge-fund, Quantmetrics Capital Management. He has also headed the research of Equinox Capital Management.
Besides, FxKart has also announced the launch Forex app, that allows convenience to get the currency exchanged.
How Does This Work?
- FxKart.com aggregates foreign currency exchange rates from various forex dealers in the city to allow the users an exchange of multiple currencies online.
- A customer can choose for the preferred dealer basis proximity of the outlet, option of delivery provided and the most touted suitable deal.
Since the Fx rates are not static, FxKart.com provides the real time deals by the dealers in a bid over a 5 minute bidding window ensuring the best and the most competitive Fx rate.
- After bidding the best rate FxKart allows the user to choose to avail the rates either by themselves or through FxKart’s doorstep delivery by paying a minimal delivery fee.
Within just weeks post its commencement; FxKart claims to have achieved an online transaction volume of more than INR 3 Cr (about $480K) with 25+ pan India dealers, 500 branches and 500+ customers. In the next six months of operations, the company is targeted to achieve an online transaction of more than INR 35 Cr (about $5 Mn) with 100+ pan India dealers, 2000 branches and 6000 customers.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.