Bitcoin wallet startup Zebpay has crossed Rs 100-crore turnover in just 10 months

AHMEDABAD:City-based bitcoin wallet startup Zebpay has crossed Rs 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 Rs 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 Rs 1crore.

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 Rs 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.