Indian bitcoin startup Zebpay seeks $5m series A funding


India-based bitcoin startup Zebpay is looking to raise series A funding of around $4-5 million and expects to close the investment by next month, The Economic Times reported.

The startup is in talks with several Indian investors for this funding round and a US-based venture capital fund, which focuses on blockchain technology, has also expressed its interest co-founder Saurabh Agrawal told the publishing house.

Earlier in January, Zebpay  raised nearly $1 million in series A funding round led by growth equity investor Arjun Handa, CMD & VP of Claris Life sciences, along with other Indian investors. In April, the company crossed INR 100 crore turnover in just 10 months of its operation.

This was followed by the company’s August announcement in which it said that it has crossed over 100,000 downloads on Android and iOS. Launched in 2015, Zebpay enables users to buy and sell bitcoins, recharge their airtime across India and buy vouchers of Amazon, Flipkart etc.

In addition to Zebpay, other bitcoin startups are also successfully raising funds to boost the digital currency adoption in the country. In April, Coinsecure announced that it has secured $1.2 million as part of its ongoing ‘Series A’ investment round, opened in January this year. More recently, Unocoin raised $1.5 million in a pre-series-A round, placing it among the highest funding rounds for leading digital currency ventures in India.