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, said the platform. Funding was sourced from 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.
“We’re honoured to have this type of support from top investors,” remarked Unocoin Co-Founder and CEO, Sathvik Vishwanath. “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…We have a clear vision here at Unocoin: let’s Make Money Simple.””
Blume Ventures, headquartered in Mumbai, has played a pivotal role in leading the Unocoin Pre Series A round.
“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,” Blume Venture’s Karthik Reddy. “We are confident that Unocoin will further alter the landscape and make additional inroads into remittances and e-commerce in India.”
Joining the raise was NYC-based Digital Currency Group, which supports Bitcoin and blockchain companies by leveraging their insights, network, and access to capital with over 80 investments in more than 25 countries.
“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,” observed Digital Currency Group Founder and CEO Barry Silbert. “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.”
Founded in 2010, ah! Ventures claims itself as 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. Initiatives including 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. 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.
“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,” ah! Ventures CEO and Founder Harshad Lahoti explained. “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.”