[Funding] Crypto Exchange Startup Unocoin raised undisclosed amount from Tim Draper Series A Round

Cryptocurrency exchange startup, Unocoin, is close to finalising its Series A funding round, targeted at US$5 million. The round, thus far, saw participation from Tim Draper’s Draper Associates, XBTO Ventures and 2020 Ventures. The Series A funding round raises Unocoin's valuation to US$20 million.

Following the lifting of the Reserve Bank of India’s ban on digital asset trading, Unocoin’s latest fundraise will bolster its continued growth in India, allow it to build a stronger technology team, and enhance its product infrastructure and offerings. Notable developments in the pipeline include expansion into Decentralised Finance (Defi) with its own protocols and also the implementation of a new AI-based chatbot system to improve customer support.

About Unocoin

Established in 2013, Unocoin operates India’s largest BTC-INR trading platform which enables users in India to transact and store bitcoin. Other crypto assets tradeable on the Unocoin Exchange include LTC, XRP, ETH, BCH, BTG, and various ERC20 tokens. As a pioneer of India’s crypto industry, Unocoin boasts leading innovation in digital asset trading such as the Bitcoin Systematic Buying Plan (SBP), Crypto lending, Crypto interest-earning, Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC) — all of which offers convenience and ready access to a wide array of digital products seamlessly and securely.

Unocoin has previously raised more than US$3 million from a range of reputable investors, including Digital Currency Group led by Barry Silbert, Boost.vc led by Adam Draper, and India based VC Blume Ventures.

From the founders

Sathvik Vishwanath, CEO of Unocoin, said of the investment:

“We’ve seen a dramatic increase of crypto adoption in India post the lifting of an industry-wide ban by RBI. Customer growth rates have surged by more than 10X in the month the Supreme Court announced its verdict; accompanied by a 5X increase in trading volume in subsequent months. The funding will help us scale our business further. It gives 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.”

“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. We are excited to work with our partners — both new and old — to shape the future of cross-border payments, microtransactions and lending in India,” added Sunny Ray, President of Unocoin.

From Tim Draper

Tim Draper, Founder of Draper Associates has successfully made early investments into high valuation companies. Their portfolio includes Tesla, Skype, and Twitter. On the investment, Tim said, "We were delighted to hear the verdict by the Indian Supreme Court. We had been tracking Unocoin, the leader in India for Bitcoin for years. And, now, 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."