Crypto Investing Platform Mudrex Raises Funding $2.5M Round Led By Nexus Venture Partners
- BySheetal Sidhu | August 10, 2021
Bengaluru and San Francisco-based crypto asset management platform has raised $2.5 million in a seed round led by Nexus Venture Partners with participation from Village Global, Kunal Shah, Anand Chandrashekharan, and Anjali Bansal. The company had earlier raised $750,000 from Y Combinator, Better Capital, Woodstock Fund, and angels like Nitin Sharma and Anupam Mittal. According to a statement by the company, the funds raised will help Mudrex in scaling up the team and operations, acquiring global regulatory compliances, and creating innovative products. Launched in 2018 by IIT Bombay Alumni Edul Patel, Rohit Goyal, Alankar Saxena, and IIT Kanpur alumnus Prince Arora, Mudrex was built with the idea of revolutionising retail participation in crypto. It helps people invest in cryptocurrencies in a hassle-free and safe environment, using top algorithms. Mudrex hosts over 25,000 active portfolio managers acquired both organically as well as through a referral system and has witnessed more than $1 billion in trading on the platform. The company at present holds an AUM of $15 million and counting.
Commenting on the fundraise, Edul Patel, CEO and Co-founder of Mudrex, said, “Mudrex is bringing wealth tech to crypto. We’ve been able to scale the business profitably with a growth rate of 30 percent m-o-m over the last 10 months. Today, Mudrex is a global platform with users from over 90 countries.Our vision is to become the leading crypto asset management platform that provides users state-of-the-art products and services to improve their trading decision making and hence returns on investment. We will achieve this through expanding our user community, providing superior tools to advanced portfolio managers, debunking myths about crypto trading as well as new product introductions like crypto indices, high yield crypto ‘savings account’, building out our mobile apps and more.”
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