Unocoin, a Bangalore-based Bitcoin startup, has raised $1.5 million in a Pre Series-A round, the highest total raised for a digital currency venture in India. The funding round was led by Blume Ventures, with additional participation from Mumbai Angelsandah! Ventures, Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital and FundersClub.
Founded by Sunny Ray (President), Sathvik Vishwanath (CEO), Harish B V (COO), Abhinand Kaseti (CMO) in 2013, Unocoin runs a trading platform to buy, sell, store, use and accept bitcoin for Indian customers. Every month, Unocoin processes transactions worth more than Rs 200M for its 100,000 customers.
“Over the past year, we’ve also been innovating at light-speed: we’ve recently launched a merchant point-of-sale (POS) app, a mobile trading app, an auto-selling feature for remittance users, systematic investment planning (SIP) to mitigate against volatilty risk, integration with NETKI to simplifly Bitcoin addresses, created an over the counter (OTC) desk for large traders, integrated with purse.io for discounts on Amazon, launched an API for developers and more. Over the coming months and years, we’ll continue to build practical, useful features and tools on top of Bitcoin,” the founders said in a statement.