Forex Aggregator Startup, Fxkart Secures $2mn Funding

Bengaluru based, an online aggregator of Foreign Exchange Dealers has received $2M seed funding from its founder Dr Mushtaq Shah and its Strategic Advisor Dr Faraz Naqvi. fxkartlogo is an online platform for exchange of foreign currency that helps to improve the consumer experience of carrying out their Forex transactions. FZ LLC is a UAE based Free Zone Company having its R&D Centre at Bengaluru.

Within a few weeks of the commencement of our operations we have achieved an online transaction volume of more than 3 crores with 25+ pan India dealers, 500 branches and 500+ happy customers” said Abdul Hadi Shaikh, CEO. “In the next six months of our operations we have targeted to achieve an online transaction of more than 35 crores with 100+ pan India dealers, 2000 branches and 6000 customers.”

The funds will be used to expand the dealer network of the company in India and enhance the IT infrastructure.
fxkart has also launched a Forex booking mobile app, showcasing 500 + dealer locations across the length and breadth of the country, with geo-location, instant chat and deal tracking.

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