- Carret A Crypto trading platform has raised an undisclosed amount of pre-seed funding from investors.
- The Singapore and Bengaluru-based platform plans to use these funds to strengthen its operations and scale up the startup’s product.
- Carret claims to have registered an average of 10X growth in the last three months.
Carret, A Crypto trading platform has raised an undisclosed amount of pre-seed funding from investors, including Polygon cofounder Sandeep Nailwal, former BlackRock executive Yan Wu, and Amesten Capital.
The Singapore and Bengaluru-based platform plans to use these funds to strengthen its operations and scale up the startup’s product and strategy verticals. As part of the investment, the company will hire global talent and expand its footprint outside of India. In addition, the funding will be used for marketing requirements and for building a secure app.
In an Interview, the cofounder of Carret, Neha Kumari, said that Currently, the startup targets India as its target market, but plans to expand into the Middle East and South-East Asian countries soon.
The platform was founded by IIT BHU and IIM Ahmedabad alumni Kumari and Shuja Hussain in 2011. There are more than 100 cryptocurrencies available on Carret’s crypto trading platform. As of now, 24Carret’s flagship product promises a rate of 17% annual percentage yield (APY).
According to Neha Kumari Using multiple institutional borrowers, protocol level staking, and the DeFi ecosystem, the startup minimises risk. According to her, the startup’s team vets borrowers to maximize return on investment.
Answering a question, she explained that the startup uses both technology and human resources to generate these yields.
As part of its revenue model, Kumari explained, Carret takes a share of the total APY guaranteed to customers and deducts a margin from their trade volume. Additionally, the startup plans to launch a leading tech arm in the future to create a parallel revenue stream.
Carret claims to have registered an average of 10X growth in the last three months. Most of its clients are GenZ, millennials, and recently-employed youth who want to diversify their holdings and invest in crypto.
Regarding the current regulations for the crypto space in India, Kumari said that some grey areas have been clarified, but there is still room for improvement.
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