Fetcch, the Web3 payments infrastructure platform, has successfully raised $1.5 Mn (around INR 12 Cr) in a pre-seed funding round, co-led by AppWorks Venture and Hashkey Capital. The funding round also witnessed participation from LD Capital, Compute Ventures, M6, GravityX Capital, and NGC.
Founded in 2023 by Mandar Dange and Satyam Kulkarni, Fetcch focuses on providing digital payments and rewards platforms for the Web3 payments ecosystem, with a specific emphasis on cross-chain payments. The startup has integrated with more than 23 wallets, processing daily transaction volumes reaching $35,000 through its platform.
The freshly acquired capital will be utilized by Fetcch for product development, expanding its presence in the Web3 sector, and simultaneously exploring Web2.5 use cases. Mandar Dange, the co-founder and CEO of Fetcch, envisions a future where Web2 tech businesses leverage blockchain at the backend. He stated, “This funding will enable us to expand our engineering and research team to accelerate the development of cutting-edge payment solutions that empower individuals and businesses to engage in seamless and secure transactions on the blockchain.”
Addressing the challenges of security vulnerabilities in cross-chain transactions within the Web3 space, Fetcch aims to establish a seamless infrastructure for the Web3 payments ecosystem, specifically focusing on enhancing security in cross-chain payments.
Web3, often referred to as the next generation of the worldwide web, relies heavily on blockchain technologies, offering a distributed network of servers and devices for hosting data or services.
India’s startup ecosystem has been at the forefront of adopting emerging technologies for economic growth, innovation, and social development. The Web3 sector, according to a report by Primus Partners, holds the potential to generate approximately 2.2 Mn jobs in India over the next decade. With over 900 enterprises in the Web3 domain, constituting 11% of the global Web3 developer community in 2022, the sector is expected to contribute a substantial $1.1 Tn to India’s GDP by 2032.
