Zebpay Gets Close To $ 1 Million In Series ‘A’ Funding, Plans To Setup Dedicated Bitcoin Blockchain Lab In India
Finance to be used to scaleits blockchain based services and talent acquisition
Zebpay, India’s first mobilebitcoin company announces close to$1Million in series ‘A Funding’, led by growth equity investor ArjunHanda, CMD & VP of Claris Life sciences, along with other investors including Amit Jindal, MD of Jindal worldwide. The funding is aimed at further escalating the company’s already impressive growth and customer service success.
Adding to the insights further, the company intends to utilizethe 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 is a Mobile bitcoin wallet that allows its 25,000 + users to buy & sell bitcoin, to storebitcoin and also use the bitcoins to buy ecommerce site vouchers & recharge Mobile airtimeacross India. It aims at touching a 500 cr turnover by the end of the year by adding 1 lakh users to its mobile app.
Zebpay has setup a dedicated blockchain lab in order to leverage blockchain power to innovate authentication, authorization and proof of existence. It is working with a few government sections to offer innovative blockchain solutions which can save thousands of crores in redundant expenses.
Elaborating further on its blockchain solutions, SaurabhAgrawal, co-founder of Zebpay commented, “Governments worldwide have acknowledged the fact that blockchaintechnology has potential to disrupt current financial systems and are exploring ways tobenefit 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 theunderlying ‘blockchain’ technology. Contrary to its previous note of caution, it has praised theintrinsic potential of the technology to help check counterfeiting and bring a majortransformation in financial infrastructure, collateral identification and the payments system.”
On Asking private equity investor ArjunHanda, VC & MD, Claris Group &Amit Jindal, MD,Jindal Worldwide, as why did they take decision of investing in Zebpay, the reply wereunanimous, “We saw a lot of promise in what was happening at Zebpay and the foundersalso demonstrated a perfect combination of tech & business acumen that lead to quickdecision to invest”.
Zebpay is the first in the industry to launch this unique app that enables bitcoin transactionsusing the mobile number without any complexities of understanding bitcoin addresses, takingbackups or the fear of losing bitcoins. Zebpay is founded by Mahin Gupta, a gold medalistcomputer engineer, and a hardcore bitcoin believer along with business savvy & techenthusiast duo SandeepGoenka&SaurabhAgrawal.