Fetcch raises $1.5M in funding round led by AppWorks Venture, Hashkey Capital

Web3 and digital rewards app Fetcch has raised $1.5 million in a funding round led by AppWorks Venture and Hashkey Capital.

LD Capital, Compute Ventures, M6 and GravityX Capital, and NGC also participated in the round.

The company said the funding will be used towards product development in the Web3 space and building on Web2.5 use cases.

Founded in May last year by Mandar Dange and Satyam Kulkarni, Fetcch is an infrastructure platform for digital payments and rewards that uses blockchain technology for real-time settlements. In the Web3 space, it has developed the ability to pull payments, enabling conveniences like recurring payments that don't require the payer's initiation.

"We see a huge opportunity in the payments and loyalty rewards ecosystem and are excited to bridge the gap in the ecosystem. Envisioning a future where Web2 tech businesses will use blockchain at the backend, this funding will enable us to expand our engineering and research team," said CEO and Co-founder, Dange, in a statement.

Fetcch was also selected in Graviton, a Web3-focused accelerator for emerging markets.

Firms operating in the crypto space in India have noted that the coming year will be an exciting time for real-world use cases, including those in the payments space.