Unocoin Technologies Private Limited (“Unocoin”), the owner/operator of Unocoin, India’s first crypto exchange, is close to finalising its Series A funding round, which is currently led by Tim Draper’s early-stage venture capital firm Draper Associates.
Bengaluru-based Unocoin, which was founded in July 2013, has over 1.2 million users. Investors from earlier rounds (that have raised over $3 million) include Digital Currency Group (DCG), Boost VC, FundersClub, and Future\Perfect Ventures.
In a press release shared with CryptoGlobe, Unocoin said that these funds will be used for “the development of new products and offerings, enhancement of existing infrastructure and technology talent acquisition.” More specifically, “notable developments in the pipeline include expansion into Decentralised Finance (DeFi) with its own protocols and the implementation of a new AI-based chatbot system to improve customer support.”
This Series A round, which as a $5 million target, will raise Unocoin’s valuation to US$20 million.
Sathvik Vishwanath, CEO of Unocoin, had this to say:
“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.”
Tim Draper said:
“We were delighted to hear the verdict by the Indian Supreme Court, and we had been tracking Unocoin, the leader in India for Bitcoin for years. We are so thrilled that the stars aligned and we could finally back Unocoin. Every Indian should have a Bitcoin account with Unocoin. It is a great way to do business in a currency that doesn’t devalue over time.”
Sunny Ray, President of Unocoin, stated:
“The potential for widespread crypto adoption in India is massive. Many in India remain underserved by traditional payment systems, increasing bitcoin’s attractiveness as an alternative currency.
“We are proud of our team’s resilience and commitment amidst the regulatory shifts and are excited to work with our partners — both new and old — to shape the future of cross-border payments, microtransactions and lending in India.”