Businesses

India’s Unocoin Raises $1.5m To Set National Record

india-bitcoin

The Pre Series-A round saw participation from Indian and international entities including US bitcoin investor Barry Silbert.

Unocoin, a Bangalore based Bitcoin startup, announced today that it has raised $1.5 million in a Pre Series-A round, the highest amount ever raised for a digital currency venture in Indian history.

Funding came from Indian entities including Blume Ventures, Mumbai Angels and ah! together with international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital and FundersClub.

Digital Currency Group was founded by leading US bitcoin investor Barry Silbert, while Boost VC is run by Adam Draper, the son of billionaire entrepreneur Tim Draper.

Digital Currency Group supports Bitcoin and blockchain companies by leveraging their insights, network, and access to capital with over 80 investments in more than 25 countries.

Barry Silbert, the company’s founder and CEO, said: “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.”

“Unocoin continues to make an enormous impact on the global Bitcoin market and will continue to be a global market leader, added Adam Draper, founder of Boost VC. Proud to have them be a part of Boost VC. They just keep growing!!!”

Boost VC was one of the first institutional funds in the world to commit to funding blockchain companies.

Unocoin co-founder and CEO Sathvik Vishwanath commented: “We’re honoured to have this type of support from top investors. We started from my small hometown called Tumkur near Bangalore and our goal from the beginning was to make it easy to get bitcoin in India.  A few years later, we are now headquartered in Bangalore with 30+ employees, serving more than 100,000+ customers across the country and growing exponentially. Given our steep growth rate, we’re looking to serve millions more in the coming years.”

Background

Started in 2013, Unocoin is India’s first entrant into the bitcoin industry. In just 3 years since its inception, the company has drawn over 30 top investors from 5 countries.

The company operates India’s largest BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. As reported by Finance Magnates, the company launched a Mobile PoS App for Indian stores to accept Bitcoin earlier this year and is responsible for other industry leading innovations such as the Bitcoin Systematic Investment Plan (SIP) and Bitcoin Over-The-Counter trading (OTC).