Crypto Investment Platform Raises Another $6.5M, MF Coinset-Like Product Changes the Game

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NEW DELHI: The Crypto investment platform, which was founded in 2018, raised $6.5 million in a pre-Series A from Arkam Ventures, Tribe Capital and Bolt by QED Investors. The pre-Series A round follows $2.5m seed funding the startup raised four months earlier from Nexus Venture Partners, Village Global with participation from Cred’s Kunal Shah, Five9’s Anand Chandrashekharan Inc and Anjali Bansal of Avana Capital.
Mudrex simplifies crypto investing by providing products similar to “mutual funds” and exchange-traded funds, but for crypto assets.
Mudrex is backed by Y Combinator, which provides seed funding to startups at the earliest stage of venture capital funding. It pays your expenses while you start. Mudrex had raised $750,000 from Y Combinator, Better Capital and Woodstock Fund, among others. Since its inception, it has raised a total of $9.5 million.
Its flagship product, Coin Sets, which launched in October 2021, is a mutual fund-like crypto investment product for retail investors. Coin Sets is a theme-based coin basket. The idea was to create a simple mutual fund-like product that helps users invest with the click of a button, without them having to worry about the exact token to buy and how much to buy. Coinset has proven to be a game changer for the business with a monthly retention rate of over 90%, one of the best in the industry.
“In the world of stocks, the creation of investment products such as mutual funds, ETFs, index funds, etc., has helped retail investors to generate long-term wealth in a simple and easy way. retail investors, on the other hand, have been left to their own devices so far, which Mudrex aims to address,” the company said in its statement.
The Bengaluru and San Francisco-based company saw 450% growth in its user base in just four months and currently has over 100,000 users in over 100 countries. Mudrex will use the funds to accelerate user acquisition, licensing, and scale rapidly in geographies such as India, the United States, Europe, and Latin America.
The company wants to make crypto investing less risky and long-term so that ordinary investors can benefit from the massive wave of wealth creation. Founded by Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal (VP, DeFi), Prince Arora (VP, Engineering), Mudrex also offers direct conversion from local currency to crypto, global liquidity and secure
“Investing in crypto in the real sense of the word does not exist today. Most retail users end up buying tokens in the hope of multiplying their money in a few days. This is not investing and can be very risky. This is precisely what prevents the common retail investor from participating in this new emerging financial ecosystem. Our vision is to become the largest crypto investment platform in the world. We will achieve this by creating products that are simple to understanding and making investing transparent,” said Edul Patel, CEO and co-founder of Mudrex.


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