Indian Blockchain Company Zebpay Closes $1M in Series A Funding

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Sujata Sangwan from  Iamwire is reporting that India-based Blockchain company Zebpay has raised nearly $1 million in series A funding round led by growth equity investor Arjun Handa, CMD & VP of Claris Life sciences, along with other investors including Amit Jindal, MD of Jindal worldwide.

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The company intends to utilize the raised funding to ramp up innovation of its Blockchain based services and talent acquisition to proliferate the reach of its bitcoin wallet in India.

The Indian Economic Times reported that a part of the funding will be used to develop the blockchain technology. Recently, the RBI endorsed the potential of ‘blockchain’ as a future mode of technology for financial transactions in its latest financial stability report.

The company has set up 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 blockchain solutions which can save thousands of crores in redundant expenses.

“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,” Zebpay cofounder Saurabh Aggarwal told the Economic Times.

“The environment in India for cryptocurrency is extremely positive and we are planning to utilise the amount to promote bitcoins as a reliable currency and investment option, enlist more e-vouchers on our mobile platform with a target to expand our user base from 25,000 to around one lakh within the next one year and ultimately become a bitcoin payment gateway.”

Zebpay is a mobile bitcoin wallet that allows its 25,000 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 firm was founded by Mahin Gupta, Sandeep Goenka & Saurabh Agrawal.

 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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