Mudrex, a Y Combinator-backed crypto investing platform, has raised $6.5 million in pre-Series A funding from Arkam Ventures, Tribe Capital, and Bolt by QED Investors.

This funding round follows a $2.5 million seed round the startup raised four months back led by Nexus Venture Partners, Village Global, with participation from Anand Chandrashekharan, Kunal Shah, and Anjali Bansal.

With this funding round, the Bengaluru and San Francisco-based crypto investing startup aims to make investing easy for the new wave of retail investors joining crypto. The funding round will help Mudrex accelerate user acquisition, licensing and expand rapidly in geographies like India, the US, Europe and Latin America. 

Mudrex | Simplifying Crypto Investing 

Founded by Edul Patel, Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), Prince Arora (VP, Engineering) in 2018, Mudrex simplifies crypto investing by offering products similar to ‘Mutual Fund’ and ‘ETFs’ but for crypto. 

The startup is on a mission to bring advanced trading and investing to everyone. It enables direct conversion of local currency to crypto, global liquidity and a secure wallet, making crypto investing using Mudrex easy.

Speaking on the development, Edul Patel, CEO and Co-founder of Mudrex, said, 

“Mudrex is bringing wealth tech to crypto. Investing in crypto in the true sense of the term does not exist today. Most retail users end up purchasing tokens hoping to multiply their money in a matter of days. This is not investing and can be very risky. This is exactly what prevents the common retail investor from participating in this new emerging financial ecosystem.”

Mudrex’s flagship product, Coin Sets, which are theme-based bundles of cryptocurrencies actively managed by experts, claims to have emerged as a game-changer, with a month-on-month retention rate of more than 90%.

The Bengaluru and San Francisco-based crypto investing claims to have clocked a 450% user growth in four months. Currently, the platform serves more than 100,000 users from over 100 countries. 

As per a report by NASSCOM, the Indian cryptotech market has the potential to create an economic value addition of $184 billion by 2030 in the form of investments and cost savings. Earlier this year, Sahicoin, a social platform for crypto users, raised $1.75 million in a seed funding round led by Alameda Ventures (FTX), Better Capital Ventures, and other institutional investors. 

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