The team will be considered as 'Kolkata 5s' as each franchise will be similarly named in the inaugural season.
From season two, the owners will be permit to rebrand their respective teams.
"Football has a huge following in Kolkata, where love for the sport is passed on from one generation to the next," Jeet, the director of Grassroot Entertainment Pvt Ltd said.
He further added, "It is a matter of great pride for me to introduce the faster, shorter version, of the beautiful game to the city."
The first franchise which was sold was Chennai, another one is Kolkata.
"The young generation can hone their skills and talent, which will benefit in long-term development of footballers. I urge people to support the Kolkata franchise."
The other franchise owners will be unveiled soon, Premier Futsal managing director Dinesh Raj said.
In the Futsal league, each franchise will be given a marquee international football player, seven international and five Indian futsallers for the matches to participate in the inaugural season.