Zebpay, India’s first bitcoin company announces $1 million in series A funding, led by private equity investors. The funding is aimed at further escalating the company’s already impressive growth and customer service success.
Zebpay is a mobile bitcoin wallet that allows its 25,000+ users to buy & sell bitcoin, to store bitcoin and also use the bitcoins to buy ecommerce site vouchers & recharge mobile airtime across India. It aims at touching a $100 million turnover and 100,000 users by the end of next year.
Zebpay is the first in the industry to launch this unique app that enables bitcoin transactions using the mobile number without any complexities of understanding bitcoin addresses, taking backups or the fear of losing bitcoins. Zebpay is founded by Mahin Gupta, a gold medalist computer engineer, and a hardcore bitcoin believer along with business savvy & tech enthusiast duo Sandeep Goenka & Saurabh Agrawal.
Adding to the insights further, the company intends to utilize the fund to ramp up innovation of its blockchain based services and talent acquisition to proliferate the reach of its simplest bitcoin wallet in India.
Zebpay has set up a dedicated blockchain lab in order to leverage blockchain power to innovate authentication, authorization and proof of existence. It is in touch with government agencies to offer innovative blockchain solutions which can save millions of dollars in redundant expenses.
Elaborating further on its blockchain solutions, Saurabh Agrawal, co-founder of Zebpay commented, “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. Contrary to its previous note of caution, it has praised the intrinsic potential of the technology to help check counterfeiting and bring a major transformation in financial infrastructure, collateral identification and the payments system.”
On asking private equity investor Arjun Handa, owner of Claris Group, Amit Jindal, MD, Jindal Worldwide, and Nagendra Chaudhary, chairman at Jaipur-based Triangle Engineering as why did they take decision of investing in Zebpay, the reply were unanimous, “we saw a lot of promise in what was happening at Zebpay and the founders also demonstrated a perfect combination of tech & business acumen that lead to quick decision to invest”.
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