Bitcoin start-up Unocoin raises $1.5 mn in pre-series A funding

Unocoin has over 100,000 customers and a team of 30 people

Bangalore-based bitcoin start-up Unocoin is finally getting acceptance among investors. Unocoin has raised $1.5 million in a Pre Series-A round. 

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.

Unocoin, which sells, buys and store bitcoins, has over 100,000 customers and a team of 30 people. 

“We’re honoured to have this type of support from top investors,” remarked Unocoin co-founder and CEO 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. Given our steep growth rate, we’re looking to serve millions more in the coming years,” added Vishwanath.

 

“These are exciting times,” Vishwanath continued, adding, “India has the largest gold, inward remittance, and IT markets in the world, all of which make it a perfect home for Bitcoin and blockchain technology.”

According to Karthik Reddy from Blume Ventures, it was the belief in the team at Unocoin that encouraged Blume to participate. Reddy said, "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."

Digital Currency Group, based in New York City, supports Bitcoin and blockchain 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. We are thrilled to welcome this fantastic group of new investors to Unocoin and look forward to many more years of rapid growth and industry leadership by the company.”  

Adam Draper, founder of Boost VC, said, "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!!!"  Boost VC was one of the first institutional funds in the world to commit to funding blockchain companies. 

Addressing the role of Bitcoin in the Indian economy, Simon Dixon, CEO of Bank To The Future and fund manager of Bitcoin Capital, said, “In India, 95 per cent of the people do not have credit cards and 50 per cent are unbanked due to the country’s poor financial and payments infrastructure. We believe Bitcoin has a role to play in India in the long term and are happy to join the round of the leading bitcoin company in India."

Unocoin co-founder and president of Unocoin Sunny Ray said, “Empowered with our current round of financing from many of the best investors in the world, we believe that Unocoin is strategically positioned to reach millions of people in the next few years. In the future, we believe that bitcoin has the potential to take market share from gold, substantially reduce the cost of remittance and potentially bank the unbanked.”