Bangalore-based startup UnoCoin has raised an impressive $1.5 million in a pre-series A funding round, the largest sum ever comprised for a digital currency company in India’s history. Among the investors were Blume Ventures, Mumbai Angels, Bank to the Future, Bitcoin Capital, FundersClub, and Digital Currency Group and Boost VC, headed by Barry Silbert and Adam Draper respectively.
Expressing his enthusiasm, Silbert believes the company will do great things in the future:“Since making our first investment in Unocoin, it has been tremendous to see the company solidify its position as the leading Bitcoin company in India, as well as emerge as one of the fastest growing companies in DGC’s global portfolio of 80 Bitcoin and blockchain companies.”
Adding to the mix was Draper, who’s company Boost VC is one of the first to commit itself to funding up-and-coming blockchain startups. Draper exclaimed:“Unocoin continues to make an enormous impact on the global Bitcoin market, and will continue to be a global market leader. Proud to have them be a part of Boost VC. They just keep growing!!!”
In business since December 2013, the bitcoin company began in a small town called Tumkur (near Bengaluru). At the time, bitcoin had a non-existent presence in India, something co-founder and president Sunny Ray wanted to change: “We needed a separate exchange for India. A few years ago, when we wanted to buy bitcoin, there was nothing available in India.”
Raising approximately $200,000 in its first round alone, UnoCoin refers to itself as the “Coinbase of India,” and presently runs a trading platform that allows its nearly 100,000 users to buy, sell and store bitcoins and currencies. The company also houses up to 30 separate employees.
The funds garnered will be used to provide liquidity to India’s marketplace, and solidify the company’s physical presence in metropolitan areas. UnoCoin is also looking to establish itself internationally in the coming months.