Startup City Magazine

Unocoin, the Leading Bitcon Startup Raises $1.5 Million in its Pre-Series A Round

Bengaluru: Unocoin, lifts $1.5 million in a pre-series A round funding. The funding was sourced by well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S investors like Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. This is the highest raised funds for a digital currency venture in Indian history. Earlier in August 2014, the company has raised $250,000 in seed funding led by Digital Currency Group.

Commenting on the funding, Sathvik Vishwanath, Co-Founder & CEO, Unocoin asserts, “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 makes it a perfect home for Bitcoin and block chain technology”.

Headquartered in Bengaluru, Unocoin was founded by Sathvik Vishwanath, Abhinand Kaseti, Sunny Ray, and Harish B V in 2013. Operating as India's largest BTC-INR trading platform by enabling Indians to buy, sell, store, use and accept bitcoin, the company processes transactions worth more than Rs. 200 million for its 100,000 customers. Unocoin is determined to educate the stakeholders, simplify Bitcoin’s usage, and bring another frictionless layer to payments and commerce.

Speaking on the investment into Unocoin, Harshad Lahoti, Founder & CEO, ah! Ventures proclaims, “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”.

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