Bengaluru and San Francisco-based Crypto asset management platform Mudrex has raised $ 2.5 million (over Rs 18 crore) in a funding round led by Nexus Venture Partners that also saw participation from Village Global and angel investors Kunal Shah, Anand Chandrashekharan and Anjali Bansal.
The funds will help Mudrex in scaling up the team and operations, acquiring global regulatory compliances, and creating innovative products, Nexus Venture Partners (NVP) said in a statement.
Earlier, the company had raised $750,000 from Y Combinator, Better Capital, Woodstock Fund, and angel investors like Nitin Sharma and Anupam Mittal.
Mudrex was launched in 2018 by IIT Bombay alumni -- Edul Patel, Rohit Goyal and Alankar Saxena -- and IIT Kanpur alumnus Prince Arora. It has developed a platform to simplify crypto investing by providing innovative investment products modelled along the lines of mutual funds and ETFs (Exchange Traded Funds) for long-term wealth creation.
"We have been able to scale the business profitably with a growth rate of 30 per cent month-on-month over the last 10 months. Our vision is to become the leading crypto asset management platform.
"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," Mudrex Co-Founder and CEO Edul Patel said in the statement.
Mudrex claims to have users from over 90 countries. It has over 25,000 active portfolio managers acquired organically as well as through a referral system and has witnessed more than $1 billion in trading on the platform.
At present, the company has assets under management worth $15 million.
"Mudrex team has shown incredible potential and growth in carving a niche for themselves in a product-first customer-centric manner.
"They are operating at the intersection of three growth trends -- access to wealth management services for retail investors, social investing by a new upcoming class of retail investors who are more risk taking, and crypto trading. They are operating in a market that is on the cusp of breaking out," NVP Principal Pratik Poddar said.
