Indian Bitcoin Startup Zebpay Raises $1 Million

A bitcoin wallet startup based in India has raised $1m in Series A funding from a group of angel investors.

Zebpay

, which offers a mobile app for buying and selling bitcoin, said that it drew support from a group that includes textile industry veteran Amit Jindal; Claris Life Sciences vice chairman Arjun Handa; and engineer and developer Nagendra Chaudhary.

According to a report by the Times of India, Handa and Jindal invested roughly $450,000 and $150,000 during the round, respectively. The firm plans to use the money to fund its bitcoin wallet as well as additional blockchain-based services.

In a statement, co-founder Saurabh Agrawal pointed to growing support for the technology among governments entities as evidence there are opportunities for Zebpay to expand its offerings.

Agrawal said:

"Governments worldwide have acknowledged the fact that blockchain technology has potential to disrupt current financial systems and are exploring ways to benefit from it."

Jindal told the Times that he invested in the long-term vision of the firm – a move that he said comes during a time when knowledge of the technology is still developing in India.

"It is still an attractive investment destination because one or two years down the line, the prospect of cryptocurrency is promising," he said.

India image via Shutterstock