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Indian investors are jumping on the Bitcoin bandwagon and are looking for potential startups to invest in, understanding that the cryptocurrency may well become a norm in the future.
Angel investors and VC-backed funds have been approaching lawyers, experts and start-ups ever since the Bitcoin India Alliance – an alliance of all the Bitcoin related companies in India – came into existence.
Sasha Mirchandani, co-founder of Mumbai Angels said, “We are looking at a bitcoin start-up right now. So far, it seems extremely interesting and in two weeks’ time we may confirm the investee.” Sounding extremely confident of Bitcoin witnessing sustained investments in India, Mirchandani adds that, “It’s just a matter of time before Indian VCs get in on this.”
President of Indian Angel Networks Padmaja Ruparel also expressed his desire to invest in Bitcoin startups and has even selected a few of them for investment purposes.
“Yes, we are interested in Bitcoin and have identified start-ups for potential investment.”
Leading venture capital funds, Khosla Ventures and Sequoia Capital have already established contacts with several Indian entrepreneurs working in Bitcoin industry.
With Indian investors beginning to infuse funds, the startups may not have to depend only on foreign funds anymore. Last year, Tumkur-based Unocoin received an investment of $250,000 from Barry Silbert, the founder of Bitcoin Investment Trust (BIT) and CEO of online marketplace SecondMarket. Ahmedabad-based Zebpay, India’s first Bitcoin wallet provider has raised $125,000 from textile manufacturer Jindal Worldwide. Zebpay has been working with a real estate developer and restaurants in Mumbai to let users buy flats and pay bills in Bitcoin.
The Indian government is not completely against Bitcoin but, the Reserve Bank of India had earlier issued a warning against Bitcoin and other cryptocurrencies due to several risks – money laundering and cyber attacks- plaguing them.
