The funds raised will be utilised in scaling up the team and operations, acquiring global regulatory compliances, and creating products
Mudrex platform simplifies crypto investing by providing investment products modeled along the lines of ‘Mutual Fund’ and ‘ETFs’ for long-term wealth creation
The number of blockchain startups in India has risen to 300+ in 2021, as compared to 100+ in 2018
Crypto asset management platform Mudrex announced today that it has raised $2.5 Mn in a seed round led by Nexus Venture Partners with participation from Village Global, Kunal Shah, Anand Chandrashekharan, and Anjali Bansal. The company had earlier raised $750,000 from Y Combinator, Better Capital, Woodstock Fund, and angels like Nitin Sharma and Anupam Mittal.
The funds raised will be utilised in scaling up the team and operations, acquiring global regulatory compliances, and creating products.
Founded in 2018 by IIT Bombay Alumni, Edul Patel, Rohit Goyal, Alankar Saxena, and IIT Kanpur alumnus Prince Arora, Mudrex platform simplifies crypto investing by providing investment products modelled along the lines of ‘Mutual Fund’ and ‘ETFs’ for long-term wealth creation.
The company’s first product gives investors the ability to invest in algorithmic strategies created by professional traders. Mudrex curates these funds, assigns them a risk/reward score and offers them for users to invest in. Effectively, Mudrex has today already built the ‘Mutual Fund’ investing layer for crypto.
Commenting on the fundraise, Edul Patel, CEO and cofounder of Mudrex, said “Mudrex is bringing wealth tech to crypto. We’ve been able to scale the business profitably with a growth rate of 30% m-o-m over the last 10 months. ”
So far, the Bengaluru and San Francisco based startup claims to host over 25,000 active portfolio managers acquired both organically as well as through a referral system and has witnessed more than $1 Bn in trading on the platform. The company at present holds an AUM of $15 Mn and counting.
“Cryptocurrencies stand out as a new asset class with extraordinary returns over the past decade,” stated Anne Dwane, cofounder and partner at Village Global while talking about the potential of this industry.
As the global user base of cryptocurrencies and crypto-assets surpassed 200 Mn, India also saw a jump in crypto adopters. Currently, active crypto users in the country are around 15 Mn with more than $1.5 Bn in digital assets. The number of blockchain startups has risen to 300+ in 2021, as compared to 100+ in 2018. Additionally, the daily crypto trading volume stands at $350-$500 Mn.
Recently, blockchain transaction platform Biconomy raised $9 Mn in a private funding round led by DACM and Mechanism Capital, with strategic investments from Coinbase, Bain Capital, Coinfund, NFX, True Ventures, Proof Group, Ledgerprime, Primitive Ventures, Genblock, Rarestone Capital, Huobi Innovation Labs, and Capital Partners.