FTCash, Mumbai-based mobile payments platform for micro merchants, has raised Rs 1 crore in a pre-Series A round led by IvyCap Ventures.
The funding is primarily for aggressive customer and merchant acquisition along with product development, the company said in a statement on Thursday.
Founded in late 2014, FTCash enables cashless transactions and allows the merchants and customers to use multiple payment options, including wallets, cards and net banking under one platform.
“Small merchants have traditionally been outside the financial ecosystem with over 80% using cash and hence limiting their ability to get loans from banks. FTCash enables electronic payment acceptance using their existing bank account and a basic mobile phone,” said Sanjeev Chandak, co-founder and CEO of FTCash.
“This is amongst the first few investments of IvyCap Ventures Trust Fund-II and forms part of our early-stage strategy, through which we have allocated Rs 60 crore for early-stage investments via the IvyCamp platform.” said Vikram Gupta, founder and managing partner of IvyCap Ventures.
For all other news on the Technology