“Every week we hear 20 to 30 presentations. For the past 2-3 months, when we haven’t officially launched, we’ve been getting close to 100 presentations every month, if not more,” Jain said. “We have closed seven investments and two are in the final stages.”
Unaffected by the sharp crash in the cryptocurrency market, a high tax rate by the Indian government, a massive drop in trading volumes, the collapse of a famous token, and the ongoing global uncertainty over digital asset regulation, Indian entrepreneurs have gone on to launch dozens of new crypto projects backed by solid funding. from the angel.
Not wanting to miss the Web 3.0 bus, Indian tech entrepreneurs are rushing to find holes in the crypto ecosystem and create new products that solve investors’ problems.
“We saw that for many young Indian investors, crypto was their first investment, but the biggest problem they faced was the deal discovery stage. So, we wanted a product like a small crypto fund,” said Srivar Harlalka, co-founder of Flippy. Our offerings make investing easy.
The social discovery and investment platform, which is currently in beta, has raised $1.15 million in its initial round led by Redstart Labs and other major investors including Justin Caldbeck and Alex Lin.
Discover the stories that interest you
Another startup, KoinBasket, which recently raised $2 million in angel funding from Polygon’s Sandeep Nailwal, Ripple’s Nimesh Kampani, and Navin Gupta, is trying to create a premium business in a fast-growing segment — companies offering baskets of cryptocurrency.
We want to accelerate the mass adoption of cryptocurrencies for the next billion investors. Although there are a few players offering mutual fund-like crypto baskets, accessing these baskets on their platforms is a nightmare due to the necessity of connecting exchange accounts via secret API keys. “Our company makes it easy for users to access their exchange accounts using their existing login credentials without any security risks,” said Khalilullah Baig, co-founder and CEO of KoinBasket, a thematic investment platform.
Experts say fundamentals favor India despite the government’s hostile stance towards cryptocurrencies. India will have the maximum number of web 3.0 developers in the next 12-18 months, and in terms of markets, India was one of the fastest growing crypto markets in the world before the crypto tax was announced.
So, despite the hostility of the Indian government and the Reserve Bank of India towards cryptocurrencies, why do Indian entrepreneurs still want to start their crypto business? “There is no right or wrong time to start. India is a market too big to ignore. After interviewing 40-45 fund managers, I can say that they believe the political bottlenecks will resolve themselves in 3-5 years.” said Bharat Vivek, co-founder of Kassio, a crypto asset management platform that has received $1.5 million in seed funding from Aalto Capital, among others.
Besides the young IIT crowd and experienced Web 3.0 developers, a group of successful Web 2.0 entrepreneurs are also targeting the Web 3.0 business.
“For them, Web 3 has been the next big driver of innovation for many years, with the ability to deliver 10 times the customer experience,” says Jain.
A large number of new entrepreneurs are building global businesses with a keen fondness for India to avoid the vagaries of the Indian regulatory system.
“We will launch a global product to cover our risks,” said Vivek Di Casio.
But most of the new businesses were incorporated in Singapore, Dubai or even Denmark, as in the case of Casio, where the government even helped connect Indian entrepreneurs with local Danish investors.
“Due to the high rate of taxes and the compliance hurdles set by Indian regulators, a kind of near-total ban, if I may say so, many new entrepreneurs will simply move to places like Dubai and Singapore to start a crypto business,” said Gaurav Dahaki, CEO and Co-Founder. for BitBns.