Frex and Koriken Raise Early-Stage Funding

Frex Secures INR 9.5 Cr in Pre-Seed Round

Frex, a peer-to-peer payments platform, has raised INR 9.5 crore in a pre-seed funding round. The round was co-led by Zeropearl VC and White Venture Capital, with participation from strategic angels including Abhiraj Singh Bhal, Varun Khaitan, Raghav Chandra of Urban Company, Pradeep Parameswaran, CRED founder Kunal Shah, and Rishabh Goel.

The Gurugram-based startup plans to use the funds to expand its on- and off-ramp infrastructure in North America and India. The proceeds will also strengthen compliance and regulatory systems, scale engineering and ledger capabilities, and accelerate go-to-market efforts within NRI and migrant worker communities.

Founded this year by Aditya Varma, Himanshu Arora, and Nikhil Shanker, Frex offers instant, low-cost cross-border money transfers. The platform provides near-instant settlements with transparent pricing and competitive exchange rates. It combines blockchain technology with local banking integrations to simplify global money movement.

Frex aims to make international transfers as seamless and affordable as domestic payments. It targets immigrant and global worker communities who often face delays, high fees, and opaque pricing in traditional remittance channels.

Since launching in November, the platform has seen rising transaction volumes and adoption among users. The company expects to cross USD 1 million in monthly transfers in the coming months. Frex may compete with established players such as Wise, Remitly, and Xoom.

Korean Food Startup Koriken Raises INR 4 Cr Seed Funding

Korean quick-service restaurant startup Koriken has raised INR 4 crore in a seed funding round led by Rukam Capital, a venture capital firm supporting early-stage consumer brands.

The startup plans to use the funds to accelerate growth and bring authentic Korean flavours closer to Indian consumers.

Founded in 2022 by Hasan Patel, Koriken offers signature dishes such as Korean fried chicken, ramen, and mandu. The brand combines authentic tastes with a modern quick-service approach that focuses on speed, consistency, and accessibility.

The popularity of Korean cuisine is rising in India, with food delivery platforms reporting nearly a 50 percent increase in orders. Gen Z is driving this growth, accounting for over a quarter of all Korean food orders. Demand for Korean restaurants and QSRs has grown by 59 percent, spreading beyond major cities to tier-II locations including Surat, Thiruvananthapuram, Vadodara, Mysuru, and Mangaluru.

Koriken aims to expand its flagship and high-street outlets, enhance product offerings, improve operational efficiency, and strengthen its team while maintaining authentic Korean flavours blended with Indian culinary preferences.