Unocoin, an Indian based Bitcoin company, announced that it has successfully raised $1.5 million in funding. The $1.5 million in funding comes from a combination of Indian and international investors and is the largest round of funding for the company.
Unocoin provides selling, buying and storage services for more than 100,000 customers in India. The Bitcoin startup has been in operation for approximately three years and now has thirty employees.
The financing for Unocoin comes from Indian based VCs & angel investors including Blume Ventures, ah! Ventures and Mumbai Angels. International investors involved in the latest funding round include Boost VC, Bank to the Future, Founders Club and Digital Currency Group.
The latest $1.5 million raised follows $250,000 in seed funding the company received two years ago from the Bitcoin Opportunity Corp. The latest round of funding will be used to fund product development, hiring new employees and expanding operations to new areas.
Indian is seen as one of the greatest areas of potential for growth for Bitcoin. A significant portion of the population is currently underserved by traditional banks. Indian is also the largest amount of funds remitted overseas, thanks to the number of Indians working in foreign countries.