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 and FundersClub.
Unocoin co-founder and CEO, Sathvik Vishwanath said
We are 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.
These are exciting times. 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, headquartered in Mumbai, has played a pivotal role in leading the Unocoin Pre Series A round. According to Karthik Reddy from Blume Ventures, it was the belief in the team at Unocoin that encouraged Blume to participate.
Karthik Reddy from Blume Ventures said
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.
Digital Currency Group, based in New York City, supports Bitcoin and blockchain companies by leveraging their insights, network, and access to capital with over 80 investments in more than 25 countries.
Barry Silbert, Founder and CEO of Digital Currency Group, said
Since making our first investment in Unocoin, it has been tremendous to see the company solidify its position as the leading Bitcoin company in India, as well as emerge as one of the fastest growing companies in DCG’s global portfolio of 80 Bitcoin and blockchain companies. We are thrilled to welcome this fantastic group of new investors to Unocoin and look forward to many more years of rapid growth and industry leadership by the company.
Commenting on their investment into Unocoin, Harshad Lahoti, Founder and CEO of ah! Ventures said
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.
ah! Ventures is India’s first full-spectrum (seed, angel & VC) investment network and platform comprising of over 850+ investors, including some of the renowned angels and early-stage VCs. Founded in 2010, ah! Ventures has systematically disrupted the early stage funding ecosystem of India through its innovative approach toward startup investing. First of its kind initiatives like the CLUB ah! platform, ah! Angels (India’s largest angel network), ah! Seeders and ah! VC networks (India’s first seed & VC investment networks), have brought together and integrated the previously segregated startup funding lifecycle, under one roof. CLUB ah! platform today has over 15000+ startups, 750 seed/angel investors and over 90 VCs & institutional investors, making it one of the largest platform of investors and startups. The network also last year secured its first profitable exit from Ed-tech venture Harness Handitouch within 2 years of its investment. ah! Ventures has till date syndicated close to INR 100 crores in over 30 investments spread across varied industries and domains.
Boris Silver, Co-Founder and President of FundersClub, said
We are thrilled to partner with and back Unocoin as a portfolio company in the FundersClub community. We were impressed with the company’s vision, team, growth, and large market opportunity. Blockchain technology has tremendous potential and we’re excited to support Unocoin as they continue to innovate, lead, and execute in the space.
FundersClub focuses on backing disruptive, technology-enabled startups starting at the seed stage. Their portfolio holdings include fast-growing, disruptive technology companies like Slack, Instacart and Coinbase. Over the past 4 years, the FundersClub portfolio has attracted >$1.2B of follow-on capital from other top VCs.
Addressing the role of Bitcoin in the Indian economy, Simon Dixon, CEO of Bank to the Future and fund manager of Bitcoin Capital, said
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.
Sharing the story behind Unocoin, Co-founder and President of Unocoin Sunny Ray said
We started this company with the mission to bring bitcoin to billions. Bitcoin opens up a world that simply wasn’t possible before. When we got started four years ago, we saw a once in a lifetime opportunity to build out a secure platform for people to easily access bitcoin. Empowered with our current round of financing from many of the best investors in the world, we believe that Unocoin is strategically positioned to reach millions of people in the next few years. In the near future, we believe that bitcoin has the potential to take market share from gold, substantially reduce the cost of remittance and potentially bank the unbanked.
When we first learned about Bitcoin back in 2012, we knew that Bitcoin was going to be a big deal. The question we kept asking ourselves, however, was: ‘How do we bring the benefits of Bitcoin to Indians while systematically protecting against the downside risks?’ In the absence of clarity, 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.
Unocoin’s Vishwanath added
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.
Vishwanath concluded, “We have a clear vision here at Unocoin: let’s Make Money Simple.”
About Unocoin
Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. Every month, Unocoin processes transactions worth more than INR 200M for its 100,000 customers. In just 3 years since inception, the company has drawn more than 30 top investors from 5 countries. Unocoin is responsible for industry leading innovations such as the Bitcoin Systematic Investment Plan (SIP), Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC). For more information, please visit unocoin.com
About ah! Ventures
ah! Ventures is a growth catalyst that brings together promising businesses and investors by creating wealth creation opportunities for both. ah!’s unique model serves investors, entrepreneurs & enablers through a unique blend of customised services, skill, and industry & domain experience. Founded in 2010, ah! Ventures has systematically disrupted the early stage funding ecosystem of India through its innovative approach toward startup investing. First of its kind initiatives like the CLUB ah! platform, ah! Angels (India’s largest angel network), ah! Seeders and ah! VC networks (India’s first seed & VC investment networks), have brought together and integrated the previously segregated startup funding lifecycle, under one roof. This, coupled with ah! Impact network, an impact investment network for investing in social enterprises and ah! Mentors network, a mentor network to engage with startups in their growth and expansion, has today made ah! Ventures one of India’s most respected change leaders and a formidable industry force to recon with.