Bitcoin Start-Up Shatters Fundraising Records

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A Bitcoin startup based in Bangalore has set records in India for raising the most money for a digital currency endeavor. The company, Unocoin, brought in $1.5 million of funding, which came from a variety of sources including Mumbai Angels, ah! Ventures, FundersClub, Blume Ventures, Bank to the Future, Digital Currency Group, and Boost VC.

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Sathvik Vishwanath, Unocoin’s CEO and Co-Founder, said in a statement: “We’re honoured to have this type of support from top investors. 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.  A few years later, we are now headquartered in Bangalore with 30+ employees, serving more than 100,000+ customers across the country and growing exponentially.”

The recent funding will be used for further product development as well as future staff expansion.

“Given our steep growth rate, we’re looking to serve millions more in the coming years. These are exciting times,” added Vishwanath.

Two years ago, Unocoin raised $250,000 from one US venture, Bitcoin Opportunity Corp.