Salt, India’s first cross-border payments platform for businesses today announced that it has raised $500,000 in a pre-seed round from various prestigious angel investors as well as founders of Indian startups. The bangalore-based startup, founded in 2020 by Ankit Parasher and Udita Pal, Salt, aims to empower the Indian SMBs and MSMEs by simplifying their banking operations and have more efficient global transactions.
The round was led by investors including Prashant Pansare (Founder Backer Capital, Airmeet), Amit Goel (ex-MEDICI), Vishrut Bubna (Verak, previously, BimaPe), Supermorpheus, and from Founders of various startups, including IIMJOBS, Cashoverflow, Orange Health, Cloudnine Hospitals, Bizongo, Loconav, Yellow Hospitality, Praxify, Letstransport, and NetNet.
Ankit Parasher, Co-founder and CEO of SALT said “We are at a cusp of growth in the Indian Impex industry, with Govt pushing for a higher share in the 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”.
“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 $300bn on a PAN india basis” he further added
Salt currently is India’s first digital-only experience for SMEs for cross-border payments that helps in providing banking, documentation management, and workflow automation solutions to small-size exporters and importers who are actively dealing with international transactions.
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.”