Crypto investment platform Mudrex announced on Tuesday that it has raised $2.5Mn in a seed funding round led by Nexus Venture Partner. The round also saw participation from Village Global as well as slew of angel investors including Cred’s Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.
Notably, the startup had earlier raised $750,000 from Y Combinator, Better Capital, Woodstock Fund among others. It was actually part of the Y Combinator’s 2019 batch. The company said that it will use the investment for scaling up the team and operations and creating innovative products.
Based in Bengaluru and San Francisco, Mudrex claims to simplify Crypto investment by providing innovative investment products modeled along the lines of ‘Mutual Fund’ and ‘ETFs.’
The company claims that the investment in crypto is still broken since most retail users end up purchasing random tokens hoping for quick returns. The two year old startup labels this as ‘gambling’ and ‘not investment.’ The gambling mindset eventually prevent small retail investors in making meaningful investment in crypto tokens, the company further claims.
The company added that it is creating simple-to-invest products with a better risk/reward ratio that will help the next billion users join and participate in crypto. The startup has already built the ‘Mutual Fund’ investing layer for crypto, the company claimed in its press release.
Commenting on the fundraise, Edul Patel, CEO & Co-founder of Mudrex, said, “Mudrex is bringing wealth tech to crypto. We’ve been able to scale the business profitably with a growth rate of 30% m-o-m over the last 10 months. Today, Mudrex is a global platform with users from over 90 countries. Our vision is to become the leading crypto asset management platform that provides users state-of-the-art products and services to improve their trading decision making and hence returns on investment.“
Pratik Poddar, Principal, Nexus Venture Partners, added , “The cryptocurrency ecosystem is at an inflection point. Mudrex team has shown incredible potential and growth in carving a niche for themselves in a product-first customer-centric manner. They are operating at the intersection of three growth trends – access to wealth management services for retail investors, social investing by a new upcoming class of retail investors who are more risk taking, and crypto trading. They are operating in a market that is on the cusp of breaking out, and we are proud to get a chance to work with the team.”
Mudrex was launched in 2018 by by IIT Bombay Alumni, Edul Patel, Rohit Goyal, Alankar Saxena, and IIT Kanpur alumnus Prince Arora.