Mumbai: Public-transit focussed payments firm CityCash has raised $1 million as a part of its seed round from early stage venture capital firm Orios Venture Partners.
According to the company, this infusion of new funds will be used for expanding market access, building out the merchant acceptance ecosystem, development of its technology to deploy Open loop National Common Mobility Cards (NCMC) and digital ticketing solutions.
National Common Mobility Card is an interoperable transit card project for Indian transportation ecosystem and was launched by the Indian government last year.
The three year old startup, CitiCash offers a multi-purpose near-field communication (NFC) -based smart-card that can be used to transact in an offline mode in transit and retail, through a ‘tap-n-pay’ experience for consumers.
