Existing investors Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital among others also participated in the round.
The company has so far raised $27 million.
“We wanted folks with significant expertise of the domain, both around hiring tech talent and facing risk and financial challenges at scale, along with regulatory difficulties such firms face,” cofounder Darshan Bathija told ET.
Founded in 2018 by Bathija and Sanju Kurian, Vauld provides a suite of products to crypto investors, including fixed deposits and asset-backed lending and borrowing platform.
Bathija said that the majority of its customers are from the US, followed by India, Europe, and Singapore. These individuals tend to be long-term crypto investors between the age of 30 and 40. The average deposit value on the platform is $20,000 and it currently has close to 100,000 active users.
“Contrary to most crypto exchanges we service more mature clientele.. who tend to have an exposure of 2.5-5% exposure into crypto,” Bathija told ET.
The funding will be used to support the company’s international growth and licensing as well as expand its retail crypto banking and investing platform. They also intend to hire aggressively and expand their team of 40 people to 200 in the next year.
“While Vauld is headquartered in Singapore, the majority of our team is in India, and we’ve seen more than 200x growth in our global user base over the last year,” Bathija said in a statement. “We have a clear foothold in India and Valar’s investment is a true testament to the optimism we share for the large and emergent Indian market.”
Crypto and blockchain startups have
attracted significant foreign capital compared to domestic investors in the last 6-8 months. Valar Ventures joins a growing list of VCs including Pantera Capital and Coinbase Ventures, that have been investing in blockchain and crypto startups founded by Indians.