India based bitcoin startup Zebpay said it has achieved a new milestone, crossing Rs 100 crore in bitcoin transactions within the past ten months of operations.
In US dollars, that converts to just over $15 million. Zebpay, which launched in 2014, started out as a bitcoin wallet. In 2015, they launched a buy and sell feature which has worked out well for them, increasing business and customers, as well as profits.
Currently, Zebpay has a total of over 30,000 users who use their app to buy, sell, store and spend bitcoins. It is adding around 6,000 new users every month. “Zebpay has an aggressive growth target for the coming year. The company aims to add 1 lakh users to its mobile app by the end of 2016,” the statement said.
Zebpay primarily focuses on the Indian bitcoin user market, although it has offices in both India and Singapore. Zebpay was recently shortlisted as one of the top 55 disruptive ideas as part of the Catapooolt Changemakers Challenge. Zebpay had raised $1 million in January, or about Rs 6.6 crore, in Series-A funding from growth equity investors Arjun Handa, chairman and managing director at Claris Lifesciences, and Amit Jindal, managing director at Jindal Worldwide.
The startup does have some competition on their hands, as there are a few other bitcoin exchanges based in India serving the same market. Most recently, another startup Coinsecure who is also based in India, secured $1.2 million in an ongoing Series A investment round.