The seamless cross-border platform for businesses, SALT has announced on Monday about its pre-seed funding of $500,000 from various angel investors, as well as founders of Indian startups.
The list of investors includes Prashant Pansare (Founder of Backer Capital & Airmeet), Amit Goel (ex-MEDICI), Vishrut Bubna (Verak, previously, BimaPe), Supermorpheus, and from Founders of multiple startups, including IIMJOBS, Cashoverflow, Orange Health, Cloudnine Hospitals, Bizongo, Loconav, Yellow Hospitality, Praxify, Letstransport, and NetNet.
The current round of funding helps Salt.Pe in building its product development, engineering team, as well as building new features as per the product roadmap.
Prashant Pansare, Founder, Backer Capital said,
“Ankit and Udita are building Salt for reducing complexities in the cross-border transactions in India. The complexities and inefficiencies in global transactions for exporters need a robust and easy-to-use solution. This simplification would enable these businesses to scale globally.”
Founded in February 2020 by Udita Pal and Ankit Parasher, this Bengaluru-based startup, Salt, aims to empower the Indian Small and mid-sized businesses(SMB) and Micro, Small and Medium Enterprises (MSME) by simplifying their banking operations with more efficient global transactions.
Ankit Parasher, Co-founder and CEO of SALT said,
“We are at a cusp of growth in the Indian Impex industry, with the Govt pushing for a higher share in world trade to become an export hub. We require robust banking and compliance products for this industry to support the scale of transactions in a rapidly changing regulatory environment coupled with higher customer expectations.”
Salt provides businesses with a one-stop portal to manage multi-currency payments, collections, accounts, and expenses worldwide. Salt is focusing on a digital-only experience for SMEs for cross-border payments with banking, documentation management, and workflow automation solutions to small-size exporters and importers that deal actively with international transactions.
“With Salt, we aim to build a bridge between banking and small businesses for the import/export industry in India by providing a one-stop solution for all their banking needs to support their interactional transactions which currently stands worth $300 billion on a pan-India basis,” he added.
Salt is now live with a beta version on its inward remittance product with already over SMEs and businesses registered and using the platform. The product is now going to be available to a more extensive set of exporters who want to receive payments from more than 50 countries to India at low prices in over six currencies.