Unocoin, a Bangalore based Bitcoin startup, has raised $1.5 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital and FundersClub.
Sathvik Vishwanath, Unocoin co-founder and CEO, remarked: “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. India has the largest gold, inward remittance, and IT markets in the world, all of which make it a perfect home for Bitcoin and blockchain technology.”
Blume Ventures’ Karthik Reddy stated: “In Sathvik and team, we discovered not only the leading Bitcoin company in India, but a determination to educate all stakeholders, simplify Bitcoin’s usage, and bring another frictionless layer to payments and commerce. We are confident that Unocoin will further alter the landscape and make additional inroads into remittances and e-commerce in India.”
Adam Draper, Founder of Boost VC, said: “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!”
Harshad Lahoti, Founder and CEO of ah! Ventures, commented: “It’s no secret that usage of bitcoin is picking up rapidly and the concept has seen a warm welcome from freelancers and retailers in India. That’s when Unocoin, a venture backed by a strong team with industry acumen and a rocketing number of users, caught our attention. We believe Unocoin will continue to be one of the strongest players in India’s booming crypto-currency market.”
CEO of Bank To The Future and fund manager of Bitcoin Capital, Simon Dixon noted: “In India, 95% of the people do not have credit cards and 50% are unbanked due to the country’s poor financial and payments infrastructure. We believe Bitcoin has a role to play in India in the long term and are happy to join the round of the leading bitcoin company in India.”
Sunny Ray, Co-founder and President of Unocoin, explained: “We started this company with the mission to bring bitcoin to billions. We were the first company in India to seek out and work closely with top techno-legal firm in the country, Nishith Desai and Associates. We were also the first Bitcoin company in India to implement a comprehensive compliance and banking like framework to address these challenges. We believe that we’re at the dawn of a new evolution where money itself is being reinvented. We love seeing so many of the smartest cryptographers, mathematicians, and computer scientists from all over the world working together to scale Bitcoin to the masses. Over the past year, we’ve also been innovating at light-speed: we’ve recently launched a merchant point-of-sale (POS) app, a mobile trading app, an auto-selling feature for remittance users, systematic investment planning (SIP) to mitigate against volatilty risk, integration with NETKI to simplifly Bitcoin addresses, created an over the counter (OTC) desk for large traders, integrated with purse.io for discounts on Amazon, launched an API for developers and more. Over the coming months and years, we’ll continue to build practical, useful features and tools on top of Bitcoin.”