Satvik Sethi, who was the previous global product lead of Web3 at Mastercard, has raised $1.1 million in pre-seed funding for his new company, Offline Protocol, at a valuation of $15 million (Rs 113 crore). Portal Ventures led the round, with Seed Club Ventures and angel investors Paul Taylor, Rahim Noorani, and Rushi Manche, Movement Labs founder, participating.

Offline Protocol, a decentralized software firm, is working towards delivering financial access, communication, and privacy to under-served areas. Its technology allows smartphones to establish local mesh networks, enabling consumers, retailers, and businesses to transact and communicate even without internet or active telecom connectivity. The platform is working towards creating an 'alternate-web' to network devices in areas with unreliable or no internet connectivity.

Offline Protocol had earlier received support from the world-renowned accelerator Alliance, which pumped in $350,000 (approximately Rs 3 crore) into the startup and other companies in its cohort.

Sethi is a two-time acquired founder from the social impact sector, and he's determined to leverage tech for solving real-world problems. With great investor support, Offline Protocol is poised to disrupt digital connectivity, enabling communities across the globe to remain connected, even in the most isolated areas.