Zebpay, an Indian-based mobile bitcoin startup has announced it raising around $1 million in a series A funding led by growth equity investor Arjun Handa, CMD & VP of Claris Life Science and Amit Jindal, MD of Jindal worldwide.
Founded in 2012 by Mahin Gupta, Sandeep Goenka and Saurabh Agrawal as BuySellBitco.in, Zebpay was rebranded in 2014. The startup Zebpay is a mobile Bitcoin wallet that allows users to buy, sell and store the cyptocurrency. It can also be used to buy online vouchers and recharge mobile phones across India. It claims to have more than 25,000 users currently and looking forward to add 100,000 more this calendar year.
With the fresh funds, Zebpay plans to ramp up innovation of its blockchain based services and talent acquisition to proliferate the reach of its bitcoin wallet in India. The startup has built a dedicated blockchain lab to leverage blockchain power to innovate authentication, authorization and proof of existence. It has joined hands with government sections to offer blockchain solutions that can save millions from getting wasted.
In a statement, the company said, “Zebpay is all set to become the market leader in bitcoin and blockchain technology in India with a vision for bringing in a revolutionary new solutions in the financial ecosystem and take this emerging technology to the masses.”
Agarwal, co-founder of Zebpay said, “Governments worldwide have acknowledged the fact that blockchain technology has potential to disrupt current financial systems and are exploring ways to benefit from it. It is currently in the nascent stage as what Internet was during the Iraq war. Even RBI, in its recent report on financial stability, has appreciated the strengths of the underlying ‘blockchain’ technology.”