Fintech startup ftcash raised Rs 50 crores in a Series A funding-round led by global non-profit Accion, Dutch development bank FMO and VC fund IvyCap Ventures. It raised an undisclosed amount from IvyCap Ventures in 2017.
The company, founded by Chandak, Deepak Kothari and Vaibhav Lodha in 2015, provides cash advances to micro merchants. The start-up lends around Rs 3 lakh on an average to small businesses.
The new round of funding will be used to accelerate product development and expand into new geographies, the company said in a statement.