.₹ 100 crore in 10 Months! Coin is with this Wal­let Co Zeb­pay

In­creas­ing pref­er­ence for bit­coin keeps this firm in cur­rency

The Economic Times - - Disruption: - Vishal.Dutta @times­group.com

Ahmed­abad: City-based bit­coin wal­let startup Zeb­pay has crossed .₹ 100-crore turnover in just 10 months of its op­er­a­tion on the back of in­creas­ing pop­u­lar­ity of the vir­tual cur­rency in the country.

Launched in July last year, Zeb­pay crossed .₹ 100-crore turnover on April 15, ac­cord­ing to Sau­rabh Agrawal, co­founder of the startup. Apart from this, Zeb­pay has also done sale of air­time and ecom­merce vouch­ers of .₹ 1 crore.

Those us­ing bit­coins in the country in­clude high net-worth in­di­vid­u­als (HNIs) and free­lancers, be­sides tech-savvy peo­ple. “While HNIs are buy­ing bit­coin as in­vest­ment, free­lancers are more into us­ing it as re­mit­tance and trad­ing,” said San­deep Goenka, co­founder of Zeb­pay. Ac­cord­ing to him, some buy­ers use bit­coin to hedge against cur­rency de­val­u­a­tion, while some oth­ers reg­u­larly buy and sell bit­coins as a trad­ing ac­tiv­ity.

Free­lancers have started ac­cept­ing bit­coins as pay­ment from their over­seas cus­tomers. “By re­ceiv­ing pay­ments in bit­coin, they save the high fee of 5-15% charged by re­mit­tance com­pa­nies,” Goenka said. Th­ese users sell bit­coins they re­ceive on Zeb­pay to con­vert them into In­dian ru­pee, he added.

To en­sure only le­git­i­mate users use its app, Zeb­pay has made it manda­tory for all users to sub­mit their PAN card and all pay­ments are bank-to-bank trans­fers only.

Zeb­pay had raised $1 mil­lion, or about .₹ 6.6 crore, in Se­ries-A fund­ing from growth equity in­vestors Ar­jun Handa, chair­man and man­ag­ing di­rec­tor at Claris Life­sciences, and Amit Jin­dal, man­ag­ing di­rec­tor at Jin­dal World­wide.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.