FTCash, a mobile payments platform for micro merchants in India has raised Rs. 1 Crore in pre-series A funding from the IvyCamp Ventures.
The funding is primarily for aggressive customer and merchant acquisition along with product development.
Founded in late 2014, the company enables cashless transactions and allows the merchants / customers to use multiple payment options – wallets, cards, net banking etc., under one platform.
Chandak, a cofounder of FTCash, is an alumnus of IIT Kharagpur and Wharton Business School, and was most recently deputy CFO at Deutsche Bank (India).The other cofounders are Deepak Kothari and Vaibhav Lodha. Kothari is an alumnus of Shri Ram College of Commerce, a chartered accountant and management consultant having worked at Grant Thornton, KPMG and Deloitte. Lodha is an alumnus of Harvard Kennedy School of Government and has worked as director of Xprize, Lodha Group, at the World Bank and LGT Capital Partners. The founders together hold the majority shares in the company.
Speaking on the occasion, Mr. Sanjeev Chandak, Co-founder and CEO of FTCash said, “Small merchants have traditionally been outside the financial ecosystem with over 80% using cash & hence limiting their ability to get loans from banks. FTCash enables electronic payment acceptance using their existing bank account and a basic mobile phone. In IvyCap, we found a perfect partner to enable faster merchant acquisition and product development to take advantage of this massive opportunity.”