Sequoia co-leads $6m seed round for DeFi protocol

MoHash, an India-based decentralized finance (DeFi) protocol, has raised US$6 million in a seed funding round co-led by Sequoia Capital India and Quona.

Photo credit: Sequoia

Founded in 2021, MoHash aims to help investors gain yields more safely by using DeFi to tap global capital and liquidity for alternative assets in emerging markets. The company has been lending to MSMEs, managing funds worth US$100 million and market risk for Asian debt assets worth US$100 billion.

“MoHash is bringing global liquidity to non bank lending in high-growth economies,” MoHash founder and CEO Arun Devarajan said. “We believe it’s the right rocket fuel that’ll help them double their economies in the coming years.”

The MoHash team has experience working at Samsung, Amazon, Goldman Sachs, Oliver Wyman, and India Stack.

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The latest investment underscores rising demand for safer yields in DeFi after a sell-off in TerraUSD (UST) that resulted in the crypto equivalent of Lehman Brothers’ bankruptcy in 2008, which had led to widespread financial consequences.

Other investors in this round include:

• Jump Crypto
• Hashed Ventures
• Coinbase Ventures
• Ledger Prime
• CoinSwitch
• Balaji Srinivasan
• Sandeep Nailwal
• Jaynti Kanani.