Cymbient Technologies Pvt. Ltd, which runs digital asset management startup Rooba Finance, on Thursday said it has secured seed funding of $1.3 million (around Rs 10 crore) led by Inflection Point Ventures, with participation from LetsVenture, Endurance Capital, KubeVC and other angel investors
The Gurugram-based company plans to deploy the fresh proceeds to build a licenced platform overseas and enable a global trade management (GTM) strategy.
Founded in 2021, Rooba Finance helps Institutions, HNIs, hedge funds and family offices to store their digital assets like crypto, NFT and other tokens in the most secure manner and have access to multiple investment vehicles in a single frame.
The startup also allows institutions to tokenize physical assets to enable efficient and transparent markets, extending into what would be the first digital commodities and derivatives exchange coming out of India, it said in a statement.
“At Rooba Finance, we are a team of passionate individuals with years of experience in traditional security, banking, enterprise, and cryptographic space. The universe is at play, and we are out to build the most logical and functional network to support further adoption of the Web3 ecosystem,” said Srinivas L, founder and chief executive officer, Rooba Finance.
Launched by Vinay Bansal, Ankur Mittal and Mitesh Shah, Inflection Point Ventures (IPV) is a firm that backs early-stage startups. It had exited 13 portfolio companies to give its investors an internal return rate of 190%. The angel platform first invested in BharatPe in 2018 and has completed a full exit.
“Crypto and other digital assets are fast gaining popularity in India; however, many aspiring investors of this asset class still find it difficult to understand the trading in such assets. Because these assets are built on Web3 and pillars of decentralization, the system by nature is designed to be trustless as it is completely automated. Rooba is addressing this large untapped market, which we believe will experience an exponential growth in the next 24 months,” said Shah, co-founder, Inflection Point Ventures.
The digital assets management space has started picking up pace in the last two years. Investors like Quona Capital and Elevation Capital have invested in digital wallets like Liminal, among others.
