Wed, Dec 7, 2016 | updated 09:54 PM IST

Unocoin raises USD 1.5m to set national record

Updated: Sep 30, 2016 14:06 IST

New Delhi [India], Sep 30 (ANI): Bangalore based Bitcoin startup Unocoin has raised USD 1.5 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history.

Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital and FundersClub.

"We're honored to have this type of support from top investors," said Co-founder and CEO Unocoin, 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," added Vishwanath.

Blume Ventures, headquartered in Mumbai, has played a pivotal role in leading the Unocoin Pre Series A round. According to Karthik Reddy from Blume Ventures, it was the belief in the team at Unocoin that encouraged Blume to participate.

"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. We are confident that Unocoin will further alter the landscape and make additional inroads into remittances and e-commerce in India," added Reddy.

Digital Currency Group, based in New York City, supports Bitcoin and block chain companies by leveraging their insights, network, and access to capital with over 80 investments in more than 25 countries.

Barry Silbert, Founder and CEO of Digital Currency Group, said, "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.

"Unocoin continues to make an enormous impact on the global Bitcoin market and will continue to be a global market leader. Proud to have them be a part of Boost VC. They just keep growing," said Founder of Boost VC, Adam Draper.

"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. 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," added Founder and CEO of ah! Ventures, Harshad Lahoti. (ANI)