Friday, 9 October 2020

MA Portfolio Company Unocoin raises funding from Tim Draper

MA Portfolio Company Unocoin raises funding from Tim Draper

MA Network portfolio company, Unocoin has raised funding from US venture capitalist Tim Draper’s Draper Associates, along with participation from XBTO Ventures and 2020 Ventures.

The startup has been featured among the Top 20 companies in The Fintech20: India List, and has won many prestigious awards such as  the ‘Golden SABRE’ award in financial communications for their project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30’ award from YourStory. They were recently selected in the Top 5 Cryptocurrency Exchanges in India by The Week.
Sathvik Vishwanath, CEO of Unocoin, commented, “We’ve seen a dramatic increase of crypto adoption in India following the lifting of an industry-wide ban by the Reserve Bank of India enacted in 2018. Customer growth rates have surged by more than 10X in the month the supreme court verdict was announced, accompanied by a 5X increase in trading volume in subsequent months. The funding will help us scale our business further, and give us a strong financial foothold to expand our platform’s offerings. We will double down on our efforts to improve our product features and offerings, which will enhance the overall usability and functionality for our customers.”
Nandini Mansinghka, Co-Promoter and CEO, Mumbai Angels Network commented “We are delighted with this development and are excited to see how Unocoin brings in crypto-related technology innovation with their current international fundraise as the market for crypto adoption is a large one that is growing exponentially.”

About Mumbai Angels Network: 

Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 450+ members strong, across 9 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune, Jaipur, Chennai). It has a 140+ strong portfolio with 45+ exits and has invested 150+ crores.

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