Fxkart.com announces $2 million seed funding

BENGALURU: City-based Fxkart.com, an online aggregator of Foreign Exchange Dealers, today said it 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.

Fxkart.com FZ LLC is a UAE-based free zone company having its R&D centre here.

The funds will be used to expand the dealer network of the company in India and enhance the IT infrastructure, the company said in a statement.

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.