Fxkart.com looks to raise $5 m from PE, VC players

Chennai, June 17: Fxkart.com, an online aggregator of RBI-licensed foreign exchange dealers, is looking at raising around $ 5 million from private equity or venture capital funds. The Dubai-based company, which started its Indian operations in January 2015, has started the process of negotiations with the potential investors.

Krishna Prasad, zonal business head, West & South, Fxkart.com, said the $2-million seed funding that the start-up received in March 2015 has been spent on the expansion plan and going forward it will require fund. “We are planning to raise around $ 5 million for which we are looking at PE or V Cpl aye rs ,” he said.

Fxkart.com, has received $2 million seed funding from its founder Mushtaq Shah and its strategic advisor Faraz Naqvi. The seed funding, though was in their private individual capacities.

Mushtaq Shah based in UK, is the co-founding partner of Quantmetrics Capital Management,a billion dollar hedge fund company. Faraz Naqvi, based in the US, is a partner at QM Ventures, a private investment group focusing on investments in healthcare, technology and infrastructure. Expanding its reach, Fxkart.com on Tuesday announced the launch of its operations in Chennai.

According to Prasad, the company's goal is to help get customers the best forex deal instantly after booking their forex requirement by locating the cheapest and nearest dealer in the city, at the convenience of a click.

“With a huge of network of money changers, Fxkart.com aims to change the way consumers buy or sell forex in Chennai. We are targeting leisure travellers and students who are going for overseas education. Medical tourism will fetch good demand in Chen nai ,” he said.