Mumbai-based micro-lending startup Ftcash has raised $7.23 Mn (INR 50 Cr) in a Series A round of funding. The round has been led by two new investors, Dutch development finance institution FMO and US-based non-profit investor Accion International.
Further, its existing investor VC fund IvyCap Ventures has also participated in the round. With this round, the total funding raised by Ftcash has reached $10.2 Mn.
Founded in 2015 by Sanjeev Chandak, Deepak Kothari and Vaibhav Lodha, Ftcash provides short-term loans to merchants. The startup plans to use the funds to accelerate product development and drive its expansion efforts.