Bengaluru-based Fxkart.com, an online aggregator of Foreign Exchange Dealers, announced that it has received $2 million seed funding from its founder Dr. Mushtaq Shah and its Strategic Advisor Dr. Faraz Naqvi.
This seed funding is in their private individual capacities.
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 with its R&D Centre at Bengaluru.
The funds will be used to expand the dealer network of the company in India and enhance the IT infrastructure.
Fxkart.com also announced the launch of India’s first Forex booking mobile app, showcasing dealer locations across the country, with Geo-location, instant chat and deal tracking.
“Fxkart.com is a unique, fair and refreshing way of exchanging foreign currencies online. We provide the consumer the best exchange rates by comparing rates across foreign exchange dealers in the city, who compete for the consumer’s business making the rates offered very competitive! And all this at a click of a button,” said Dr Mushtaq Shah.
Dr. Mushtaq Shah based in UK, is the co-founding partner of Quantmetrics Capital Management, a billion-dollar hedge fund company. Dr Faraz Naqvi based in the US, is a partner at QM Ventures, a private investment group focusing on investments in Healthcare, Technology and Infrastructure.
