Ex-Koinex Executives’ Startup BitSave Nets Funding From Leo Capital

Crypto startup BitSave has raised an undisclosed amount in its Pre-Series A funding round from Leo Capital.

The Bengaluru-based company plans to deploy the fresh capital towards product enhancement and brand awareness initiatives, it said in a statement.

A chunk of the proceeds has also been earmarked to secure necessary licences as the company aims to expand into other Asian markets in 2025, founder and CEO Zakhil Suresh told Inc42.

Founded in 2023 by former Koinex executives Zakhil Suresh, Sajal Sharma, Asif Kattakath and Vishnu Karthkeyan, BitSave aims to simplify crypto investment process, offering new traders only a selection of top digital assets that are included in the Bloomberg Galaxy Crypto Index.

Further, the company also claims to address concerns around security of funds by storing client assets in an insured institutional custody. User funds held by BitSave are visible on the blockchain through proof of reserves and liabilities, ensuring transparency and safety.

“At BitSave, we have eliminated the scope for short-term speculation, offering a platform that encourages disciplined, long-term investing,” Suresh said.

BitSave claims to have assets under management worth INR 4 Cr and has onboarded over 500 investors on its platform since its inception two years ago. 

Its crypto investment products also have a provision of monthly systematic investment plan (SIPs), in line with the company’s vision of bridging the gap between traditional investment and digital assets.

The fundraise by BitSave comes at a time when the Indian crypto landscape is grappling with several issues, including shutdowns by exchanges, crypto heists and hefty taxation regime.

While crypto exchange OKX shut down operations in India, WazirX halted trading on the platform following a cyberattack that wiped off over $234 Mn worth of assets from one of its wallets.

Further, investment in India’s crypto sector is also on a decline. The sector raised mere $30 Mn in the first half of 2023 (H1 FY23) against $773 Mn in the year ago period (H1 FY22).