Online Startup Fxkart.com gets $2M seed funding

Bengaluru based Fxkart.com, an online aggregator of Foreign Exchange Dealers, announced that it has received $2M seed funding from its founder Dr Mushtaq Shah and its Strategic Advisor Dr Faraz Naqvi. This seed funding is in their private individual capacities. 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.

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 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 500 + dealer locations across the length and breadth of the country, with Geo-location, instant chat and deal tracking.

Through this mobile app, Fxkart.com aims to provide the consumer with the ease of instantly booking his Forex requirement by locating the cheapest and nearest dealer in the city, hence bringing customer delight.

Fxkart.com was founded by Dr Mushtaq Shah who prior to founding Quantmetrics was Head of Research for Equinox Capital Management, prior to which he was Head of European Convertible and Quantitative Trading at Credit Suisse First Boston. Previously he was an Executive Director at Goldman Sachs International. Mushtaq later roped in Dr Faraz Naqvi as Strategic Advisor and Abdul Hadi Shaikh as CEO. Abdul was the Head of Research at Ratings Intelligence, an ethical investment advisory firm, based in London.

"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. "Fxkart's objective is to get to the consumer the best deal on forex transactions while helping dealers get visibility with consumers and hence more volume."

"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."

For more info visit www.fxkart.com

Source : Equity Bulls

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