Instadapp, a decentralised finance (DeFi) startup, has raised $10 million in funding from venture capital firm Standard Crypto and strategic partners such as Yearn founder Andre Cronje, DeFi Alliance, and Longhash Ventures, among others.

Instadapp is a smart wallet for DeFi that allows users to manage multiple DeFi applications at the same time to maximise returns across multiple protocols in a fraction of the time. On Instadapp, users and developers manage and build their DeFi portfolio. DeFi is a blockchain-based finance model that does not rely on central financial intermediaries.

In 2019, the company raised a seed round of funding from entrepreneur investors Naval Ravikant and Balaji Srinivasan, crypto-focused hedge fund Pantera Capital, and cryptocurrency exchange Coinbase. The most recent round, in lieu of Instadapp's soon-to-be-released tokens, brings the total funds raised to $12.4 million.

"We are trying to abstract away all the complexities that DeFi have right now," co-founder Sowmay Jain told ET. "Our goal is to make it unified and standardised so that users just have one account to manage for different protocols."

The company wants to simplify the experience for users who may struggle to keep up with the ever-changing nature of the DeFi industry, says, Jain. In 2018, he co-founded Instadapp with Samyak Jain, at the ETHIndia hackathon, which promotes the use of the Ethereum blockchain to build decentralised applications.

According to Sowmay Jain, the startup will use the funds to grow its team of 15 employees, fund projects, and develop new products. While India is regarded as a strong developer base, it lags behind the rest of the world in terms of investment, he claims. “I hope the investor interest in the space will mature over time. And as we see more and more supportive regulations, things will be quite strong.”

By the end of June, Instadapp will launch its governance token INST, a portion of which will be distributed to investors.