CityCash raises $1 mn in seed funding

Public-transit focussed payments firm CityCash has raised $1 mn as a part of its seed round from early stage venture capital firm Orios Venture Partners, 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.At present, the startup has partnered with Maharashtra State Road Transport Corporation (MSRTC), and has issued 3 mn cards to consumers. The startup’s solution is currently accepted in 20,000 buses.

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