Bengaluru and San Francisco-based crypto asset management platform Mudrex 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.
Mudrex provides a platform for crypto investing by providing investment products modeled along the lines of ‘mutual funds' and ‘ETFs' for long-term wealth creation. The funds raised will help Mudrex in scaling up the team and operations, acquiring global regulatory compliances and creating innovative products.
“We've been able to scale the business profitably with a growth rate of 30% 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,” said Edul Patel, CEO & Co-founder of Mudrex.
Investing in crypto is broken. Most retail users end up purchasing random tokens hoping for 10x returns in five days with a very high chance of everything going to zero. This is not investing and might even be borderline gambling and is exactly what prevents the general retail audience from participating in this new emerging financial ecosystem, explained the company in its release.
Launched in 2018 by IIT Bombay alumni, Edul Patel, Rohit Goyal, Alankar Saxena, and IIT Kanpur alumnus Prince Arora, Mudrex helps people invest in cryptocurrencies in a hassle-free and safe environment, using top algorithms made by successful portfolio managers. 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.
“The cryptocurrency ecosystem is at an inflection point. 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, and we are proud to get a chance to work with the team,” added Pratik Poddar, principal, Nexus Venture Partners.
