Y Combinator-backed Indian crypto startup nets $2.5m in Nexus Venture-led round

Mudrex, an Indian crypto asset management platform, has raised US$2.5 million in a seed round led by Nexus Venture Partners, with participation from Village Global and entrepreneurs like Cred founder Kunal Shah.

Mudrex co-founder / Source: Mudrex

Launched in 2018, Mudrex aims to make it easier for people to invest in cryptocurrencies. The company said it hosts more than 25,000 active portfolio managers and has witnessed more than US$1 billion in trading on the platform. According to Mudrex, it currently has US$15 million in assets under management.

The company earlier raised US$750,000 from Y Combinator, Better Capital, Woodstock Fund, and angel investors like Nitin Sharma and Anupam Mittal.

“Mudrex’s first product gives investors the ability to invest in algorithmic strategies created by professional traders. Mudrex curates these funds, assigns them a risk or reward score, and offers them in a simple and easy-to-invest browse list for users to invest in. Effectively, Mudrex has today already built the ‘Mutual Fund’ investing layer for crypto,” the company said in a statement.

The fresh capital will be used to scale up the team and its operations, acquire global regulatory compliances, and launch new products.