Salt.Pe Adds $500,000 Funding In Pre-Seeded Round

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.

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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.

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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.

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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.

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