Indian bitcoin startup Unocoin sets national record by raising $1.5m
Bangalore, Karnataka, India-based bitcoin startup Unocoin said in a press release sent to CoinReport that it has raised US$1.5 million in venture capital in a pre-series A round, the highest total raised for a cryptocurrency venture in the history of the world’s second most populous country.
The funding round was led by Indian entity Blume Ventures with participation from American-based global investment firms Digital Currency Group, FundersClub and Boost VC; British-based global online investment platform BnkToTheFuture; Cayman islands (also British)-based international investment fund Bitcoin Capital; Indian investors group Mumbai Angels and Indian-based, currently Asia-wide angel investment firm ah! Ventures.
‘We’re honoured to have this type of support from top investors,’ said Unocoin co-founder and CEO Sathvik Vishwanath in the press release. ‘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.’
This post was published at Coin Report on 06 Oct 2016.