Zebpay, Indian mobile bitcoin company has raised close to $1 million funding in series A 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. The funding is aimed at further escalating the company’s growth and customer service success.
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.
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.
Previously called BuySellBitco.in, the company was started in late 2012. Reflecting the expansion strategy of the company and its vision for the future, it was then rebranded to Zeb IT Service Pvt Ltd and its app as Zebpay in 2014.
“Zebpay is all set to become the market leader in bitcoin and blockchain technology in India with a vision for bringing in revolutionary new solutions in the financial ecosystem and take this emerging technology to the masses,” the company said in a statement.
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.
Elaborating further on its blockchain solutions, Saurabh Agrawal, Co-Founder of Zebpay commented, “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.”