- Fintech firm Salt raises 5 lakh USD as investment from investors.
- The firm is planning to expand its employee base up to five times by the end of next year.
Fintech firm Salt announced on Monday that it has raised 5 lakh USD (nearly Rs.3.7 crore) and is looking to expand its headcount to 100 by the end of next year.
Salt offers a cross-border payment platform for businesses and aims to grow the monthly transactions on the platform strand at about 1 lakh USD.
The company was founded by Ankit Parasher and Udita Pal in 2020 and currently provides inward remittance products, which help businesses receive money from more than 50 countries in six currencies. Additionally, the firm offers banking, documentation management, and workflow automation for exporters and importers across India.
Ankit Parasher, co-founder and CEO, Salt, said, “We are at a cusp of growth in the Indian Import-Export Industry, with the government pushing for a higher share in world trade to become an export hub. We need solid banking and compliance products for the Indian Impex industry to support the scale of transactions in a changing regulatory environment and higher customer needs.”
The company aims to build a bridge between banking and small businesses for India’s import/export industry by offering a one-stop solution for all their banking requirements to assist their interactional transactions, which stand for 300 billion USD.
Salt has raised 5 lakh USD in a pre-seed round from Prashant Pansare (founder of Backer Capital), Amit Goel(ex-MEDICI), Vishrut Bubna (Verak), Supermorpheus, and other entrepreneurs. The investment will help the company build the engineering team, product development, and new features as per the product roadmap, said Parasher.
Currently, the company has a headcount of 20, and the company plans to expand it to 100 by the following year.