Mobile Startup FTCash is Enabling Small Merchants to Go Cashless

Founded by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha, Mumbai-based FTCash, was launched in June 2015. The app-based platform enables you to receive invoices and initiate payments via credit and debit card directly to small merchants. It eliminates the need to store money in multiple wallets, and the problem of looking for cash and exact change. Customers receive instant confirmation on their phone, email id and notification alerts.

Correspondingly, the merchants receive a confirmation of payment receipt from the customers in real time basis. In addition, FTCash also facilitates the merchants an access to institutional finance which they usually do not have. They get a loan at the tap of a button and need not depend on friends / family or money lenders.

Team FTCash

Team FTCash


Recalling the conception of this idea and the factors that drove the inception of FTCash, Sanjeev said, “India is a fairly assisted economy wherein a lot of the work gets done by others. For example the vegetable vendor delivers the vegetables at our home to the domestic help or the driver takes the car to the service center to get it repaired. There is a big pain point at the time of the payment – either you have to give cash to the person to settle the transactions & then do a recon at the end of the day or you have to meet with the vendor to make the payment. On the other side, since these vendors deal with cash, they don’t have access to banks and NBFCs for loans. We saw an unique opportunity to combine both electronic payments and loans for these merchants”.

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Problem Statement Addressed by the Startup

FTCash is working towards reducing cash usage in the society. Its USP is providing the small merchants the ability to collect electronic payments no matter how small they are. In addition, the platform provides institutional finance to these merchants which is currently not available easily. To sum up, the startup categorises its apps features in the following 4 segments

  • Payments
  • Donation
  • Expense Management
  • User Rewards

Checkout the following screenshot to get a better understanding of the app’s offerings


Monetization Model & Traction

The company charges the merchants a small amount on a per transaction basis. In addition, it collects fees on the loans that it provides to them.

The company claims to have more than 2,000 merchants on its platform, and has grown 10X over the last 6 months.

The Android app is rated 4 on Play Store, and has over 10,000 downloads. Its iOS App is rated 4+

Investment and Future Plans

In the month of March 2016, the company raised Rs. 1Crore from Ivy Cap Ventures, with participation from a few marquee angel investors. Elaborating on the scope in this segment, Sanjeev says, “There are more than 55 Million merchants in the country and only 1.25 million swipe machines. Penetration of electronic payments is very low in India. We plan to get to a million merchants in the next couple of years where a small merchant can easily accept electronic payments”.

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