Bangalore-based bitcoin startup Unocoin has secured US$1.5 million in fresh investment from Blume Ventures, Mumbai Angels and ah! Ventures. Digital Currency Group, Bnk to the Future and FundersClub and Boost VC also co-invested in the round.
The funds will be used for product development as well as to expand the business and scale the team.
The startup has previously raised US$250,000 from Barry Silbert, Founder and CEO of Digital Currency Group.
“India is the perfect home for bitcoin and blockchain technology. Over the coming months and years, we’ll continue to build practical, useful features and tools on top of Bitcoin,” said CEO Sathvik Vishwanath.
Unocoin was incorporated in 2013. The startup enables users to securely buy, sell, store, use and accept bitcoin. Users can buy and sell bitcoin through their Indian bank account, store it in the Unocoin wallet or vault, and accept bitcoin from friends and customers around the world.
“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 DCG’s global portfolio of 80 Bitcoin and blockchain companies,” said Silbert.
In April this year, the firm launched its merchant point-of-sale mobile app, called Unocoin PoS, for both Android and iOS devices, which will make it easier for physical stores in India to accept bitcoin for products and services. A month later, it announced an integration with leading mobile wallet Book My Show.