Bengaluru and San Francisco based crypto investing platform, Mudrex has raised $6.5 million in its pre-series round A funding from investors. Backed by startup accelerator company, Y Combinator, the crypto trading platform received fresh funding from Akram Ventures, Tribe Capital, and Bolt by QED. The new funding follows a $2.5 million seed funding that the startup raised 4 months back in a round led by Nexus Venture Partners and Village Global in participation from Anand Chandrashekharan, Kunal Shah and Anjali Bansal.
Mudrex, since the last round of funding, has clocked a 450 percent growth and currently has more than 1 lakh registered users from 100 different countries. The new fund will be used by the company to accelerate user acquisition, licensing and expansion of user base in India, the US, Europe, and Latin America.
The fresh funding is expected to boost the platform’s growth. Speaking on the development, Mudrex’s chief executive officer (CEO) and co-founder, Edul Patel said the funding will enable the company to make the crypto investing process easier for retail investors. “Our vision is to become the world’s largest crypto investing platform. We will do this by creating simple to understand products and making investing seamless. This funding allows us to continue working towards our mission of making crypto easy for everyone,” said Patel.
Rahul Chandra, managing director of Arkam Ventures noted that the crypto asset management industry is set to grow to a $12.5 billion industry by 2025, and his company was excited to partner with Mudrex as they expand crypto ownership and wealth creation.
The global crypto trading market has witnessed exponential growth in the past couple of years moving to a base of over 50 million retail investors. Mudrex aims to tap this market by providing products similar to ‘Mutual Fund’ and ‘ETFs’ but for crypto in addition to offering direct conversion of local currency to crypto, global liquidity and secure wallet service.
The company’s flagship, Coin Sets has shown a market best month-on-month retention rate of more than 90 per cent.
Launched in 2018, Mudrex was founded by Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), and Prince Arora (VP, Engineering). The company aims to be the largest asset management platform for the crypto market.
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