Indian Bitcoin Startup Zebpay Raises $1 Mln To Develop Blockchain Technology

India-based mobile bitcoin company Zebpay has raised nearly $1 million in series A funding round led by growth equity investor Arjun Handa, CMD & VP of Claris Life sciences, along with other investors including Amit Jindal, MD of Jindal worldwide, iamwire reported.

The company aims to promote use of bitcoins in India – a country where digital currency has not yet received support from regulators including its central bank, the Reserve Bank of India (RBI). Economic Times reported that a part of the funding will be used to develop the blockchain technology. Recently, the RBI endorsed the potential of 'blockchain' as a future mode of technology for financial transactions in its latest financial stability report.

"The environment in India for cryptocurrency is extremely positive and we are planning to utilise the amount to promote bitcoins as a reliable currency and investment option, enlist more e-vouchers on our mobile platform with a target to expand our user base from 25,000 to around one lakh within the next one year and ultimately become a bitcoin payment gateway," Zebpay cofounder Saurabh Aggarwal told Economic Times.

Zebpay, with a user-base of 25,000, allows buying and selling of bitcoins, its storage and also using them for buying eCommerce site vouchers & recharge mobile airtime across India. It aims at reaching a 500 crore turnover by the end of the year by adding 1 lakh users to its mobile app, as reported by iamwire.

“Zebpay is all set to become the market leader in bitcoin and blockchain technology in India with a vision for bringing in revolutionary new solutions in the financial ecosystem and take this emerging technology to the masses,” the company said in a statement.