In what could prove to be the very first “significant” step towards BitCoin’s entry into the Indian subcontinent, mobile bitcoin company Zebpay has secured close to $1Million in a Series A round led by a clutch of angel investors.
The funding round was 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.
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.
Bitcoin is a new payment system — specially in India and can be called a complete digital money. It was invented by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010.
It uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
BitCoin is slowly gaining popularity all over the world with the US treasury officially accepting bitcoin as a decentralized virtual currency. In India also, which historically has not been so lenient with alternate payment transfer system( like PayPal), RBI has appreciated the strength of underlying blockchain technology behind bitcoin to help check counterfeiting and bring a major transformation in financial infrastructure, collateral identification and the payments system.
Zebpay is the first in this industry to launch this unique app that enables bitcoin transactions using the mobile number without any complexities of understanding bitcoin addresses, taking backups or the fear of losing bitcoins.
It is essentially a Mobile bitcoin wallet that allows its 25,000 + users to buy & sell bitcoin, to store bitcoin and also use the bitcoins to buy e-commerce site vouchers & recharge Mobile airtime across India.
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 the 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.
On Asking private equity investor Arjun Handa, VC & MD, Claris Group & Amit Jindal, MD, Jindal Worldwide, as why did they take decision of investing in Zebpay, the reply were unanimous,
We saw a lot of promise in what was happening at Zebpay and the founders also demonstrated a perfect combination of tech & business acumen that lead to quick decision to invest.
Previously called BuySellBitco.in, Zebpay was started in late 2012 by Mahin Gupta – a gold medalist in Computer Engineering and one of the first few pioneers to work on the blockchain technology in India.
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 aims at touching a 500 crore turnover by the end of the year by adding 1 lakh users to its mobile app.