Company Name : Zebpay
Funding Amount : $1Million
Investor(s) Arjun Handa Amit Jindal. Nagendra Chaudhary.
Funding Round : Series A
Bitcoin company, Zebpay has raised $1 million in Series A funding. The company intends to utilize the fund to ramp up innovation of its blockchain based services and talent acquisition to proliferate the reach of its bitcoin wallet in India.
The funding round was led by Arjun Handa, chief managing director of Claris Life Sciences, Amit Jindal, managing director of Jindal Worldwide, Nagendra Chaudhary, chairman at Triangle Engineering and few other investors.
Zebpay is a mobile bitcoin wallet that allows users to buy & sell bitcoin, to store bitcoin and also use the bitcoins to buy ecommerce site vouchers & recharge Mobile airtime across India. It aims at touching a 500 crore turnover by the end of the year by adding 1 lakh users to its mobile app.
The Ahmedabad based startup is working with a few government sections to offer innovative blockchain solutions which can save crores in redundant expenses.
Saurabh Agrawal, co-founder of Zebpay, said, , “Governments worldwide have acknowledged the fact that blockchain technology has potential to disrupt current financial systems and are exploring ways to benefit 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 the underlying ‘blockchain’ technology. Contrary to its previous note of caution, it has praised the intrinsic potential of the technology to help check counterfeiting and bring a major transformation in financial infrastructure, collateral identification and the payments system.”