Prominent angel investors, including Polygon founders Sandeep Nailwal and Jaynti Kanani, and Cred founder Kunal Shah, also participated in the round.
Founded earlier this year by Truebil founders Suraj Kalwani, Ravi Chirania, and Rakesh Raman, Crypso enables crypto users to learn and discover the latest crypto trends and invest via trade signals on various altcoins generated by crypto experts.
The company will use the fresh capital to grow its user base and increase the breadth of product offerings and technology.
Given the company’s low burn rate and lean team, the company would be abel to navigate the current market downturn in crypto, Kalwani said.
In addition to a bear market, crypto trading platforms in India have seen their trading volumes plummet because of a new tax regime.
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Crypso has 50,000 registered users. It plans to hit one million active users in the next 8-12 months.
“The market is bearish, and it is a great time to build. Our focus is to create this behaviour where people come to Crypso not just to invest, but because they want to know where to invest and if we are able to crack this, we think it is a huge consumer business opportunity,” Kalwani said.