According to reports, Indian bitcoin wallet provider Zebpay is in talks to secure $4-$5 million in a Series-A round of funding.
By November, bitcoin wallet startup Zebpay is expecting to close Series-A funding of $4-$5 million, according to co-founder Saurabh Agarwal.
A report from Indian business daily The Economic Times revealed that the company is in discussions with multiple Indian investors and an unnamed US-based venture capital fund that has a track record in investing in blockchain technology endeavors.
Zebpay works as a mobile-only bitcoin wallet app, allowing users to buy, sell and store bitcoin. In a country that sees a burgeoning trend of smartphone adoption, Zebpay also allows users to pay cable and mobile telephony bills via its app with bitcoin. Shopping vouchers for shopping and travel websites like Amazon India and MakeMyTrip are also sold at discounted rates for Zebpay users.
News of its upcoming Series A round comes during a time when another Indian bitcoin company, Unocoin, raised $1.5 million in a Pre Series-A round of funding late last month. The amount represents a record as the largest funding round for an Indian bitcoin startup, so far.
Earlier this year, Zebpay raised $1 million in funding from regional investors. That funding round’s primary goal was to promote bitcoin in a country of over a billion people.
“The environment in India for cryptocurrency is extremely positive and we are planning to utilize the amount to promote bitcoins as a reliable currency and investment option,” Aggarwal stated at the time.
Following early uncertainties about the cryptocurrency from authorities and regulators who took a largely negative stance against bitcoin, India is now being seen as an increasingly attractive market for bitcoin companies and their investors from around the world. Home to a large qualified workforce, major payment companies like Visa have set up shop in the country, pouring resources into developing blockchain solutions.
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