Bangalore, India based Bitcoin startup Unocoin has raised $1.5m in venture funding from both Indian and American backers. Unocoin runs a trading platform to buy, sell, and store Bitcoins for Indian customers, has 100,000 users and more than 30 employees, and has been in operation since December 2013.
The company describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest US Bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from US investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub along with Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures. Digital Currency Group was founded by US Bitcoin investor Barry Silbert, while Boost VC is run by US-based Adam Draper, the son of billionaire entrepreneur Tim Draper, according to Reuters. Unocoin raised about USD 200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru.