Indian startups are being funded at a very fast rate. Many startups are receiving funding to such an extent that they are entering the unicorn club.
A Decentralised startup Instadapp was going through a round of funding and has raised USD 10 million as announced on June 13, 2021. The round was led by venture capital firm Standard Crypto and strategic partners like Andre Cronje, who is the founder of Yearn, Defi Alliance, and Longhash Ventures. Other participants of the round were the founders of Angelist, Enjin, Polygon, Kyber, Harmony, Dao Maker, DFYN, Frontier, and Tomochain. After this round of funding, the total value of the funds raised by the company has been increased to USD 12.4 million.
The startup aims to use the funding amount to complete its transfer in the middleware layers for Decentralised Finance, and help the ecosystem project to build on top of the Instadapp protocol.
The previous investors of the company were Pantera Capital, Coinbase, Naval Ravikant, who is an entrepreneur based in Silicon Valley, and Balaji Srinivasan, who previously was the CTO of Coinbase. The company will be launching a governance token by end of the June and the portion of these tokens will go to the investors, which in the future will allow the holders of the token to shape and mold the future of the company.
Founded in 2018, by Sowmay Jain and Samyak Jain, with headquarters in Hyderabad Instadapp is engaged in creating a middleware layer in the Decentralised Finance space which is a blockchain type of finance that does not have central financial intermediaries like banks, brokerages, or exchanges. The startup provides a wallet that is claimed to be “smart” that helps in simplifying the funds’ management under various rules and regulations of Defi, thus enabling the users and developers to easily make and manage the Defi portfolio.
The company gives the option to the users to manage and handle different and multiple Defi applications in order to ensure maximum returns without opening individual windows. The company claims to be the 7th largest business organization in the world in the Defi space and USD 4.5 billion worth of assets have been blocked in smart contracts on the blockchain.
According to the founder Sowmay Jain, the funding will be used to expand more employees, funding for the projects, and increasing product development. He further said that the interest of the inventors will be more strong over the period of time and with the inclusion of rules and regulations that will be more supportive, things for the company are expected to grow strong.
The company is rapidly growing in the country and will have to wait and watch what happens next.