Fiat-to-Crypto Gateway Transak expands India Focus: Raises $660,000 in Seed Funding

Fiat on/off ramp Transak has raised around INR 4.8 crore/$660K in a seed round funding led by Consensys, The Lao, IOSG, Lunex, Koji Capital, and other angel investors. Transak is a fiat-to-crypto payment gateway that streamlines the process of buying and selling cryptocurrency allowing both mainstream users and businesses to access crypto and blockchain.

The company is looking to expand its operations, partnerships & work base in India and is going to use the amount raised to hire more engineers and expand its team in the country.

India's cryptocurrency trading community has grown many times over but still represents a small portion of the world's youngest economy. Decentralized finance has caught the attention of many potential traders and investors due to the high returns and constant growth of the market. The Indian talent in the crypto ecosystem has shown exceptional performance and has driven remarkable results for various players in the industry. Thus, the company aims at acquiring the best Indian talent to build a strong team for operations in the country. Transak has existing operations in 60+ countries and plans to expand and consolidate this coverage by the end of 2021.

Serial entrepreneurs Sami and Yeshu founded Transak with a vision to address the clear need-gap in the market for end-users who wanted to buy crypto directly to their wallet, in order to use blockchain applications, which was not served by the bottlenecked UI of major exchanges. Transak experienced rapid growth in volumes in 2020, doubling its volume from January 2020 to January 2021. In 2021, the founding duo plans to expand to more fiat payment methods, integrate with more blockchains and protocols, refine and scale their core processing engine, as well as explore new markets (with a keen focus on India) that are built on top of fiat-to-crypto payments.

Sami Start & Yeshu Agarwal, Co-Founders, Transak said “We are extremely confident about our expansion plans in India. The Indian blockchain market is growing rapidly and needs on and off-ramps to make the crypto world accessible to all. The company is excited to acquire fresh Indian talent which is known to be exceptional across the globe and are dedicated to building a strong team in the country to take over the Indian operations. We are highly motivated to ease the friction in the global crypto market and take decentralized finance mainstream.”

Whilst traditional crypto exchanges allow users to trade and speculate on crypto, the mission for Transak is different - allowing users to access cryptocurrency from fiat in order to actually use blockchain applications, decentralised finance (DeFi), payments and many more applications. Whilst these applications are still in their infancy, they are expected to be used throughout India and the world to power the lives of individuals and businesses within the next 5 years.