India’s mobile bitcoin company Zebpay has received close to $1Million in series ‘A Funding’, 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 already impressive growth and customer service success announced the press release.
Adding to the insights further, 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 simplest 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 cr turnover by the end of the year by adding 1 lakh users to its mobile app.
Zebpay 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 innovative 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. 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.”
Zebpay is founded by Mahin Gupta, a gold medalist computer engineer, and a hardcore bitcoin believer along with business savvy & tech enthusiast duo Sandeep Goenka & Saurabh Agrawal.