According to the company, it will be using the funds raised to scale up its team and operations, while also creating innovative products and acquiring global regulatory compliances.
The company had earlier raised $750,000 from Y Combinator, Better Capital, Woodstock Fund, and angels like Nitin Sharma and Anupam Mittal.
Three-year-old Mudrex helps simplify crypto investing by providing innovative investment products modelled along the lines of ‘mutual fund’ and ‘exchange traded funds’ for long-term wealth creation.
The goal of the startup is to create systematic investment products for the crypto industry.
“Mudrex is bringing wealth tech to crypto. We’ve been able to scale the business profitably with a growth rate of 30% month-on-month over the last 10 months. Today, Mudrex is a global platform with users from over 90 countries. Our vision is to become the leading crypto asset management platform that provides users state-of-the-art products and services to improve their trading decision making and hence returns on investment," said Edul Patel, chief executive and co-founder of Mudrex.
Mudrex also hosts over 25,000 active portfolio managers acquired both organically as well as through a referral system and has witnessed more than $1 billion of wealth being traded on its platform.
“The cryptocurrency ecosystem is at an inflection point. Mudrex team has shown incredible potential and growth in carving a niche for themselves in a product-first customer-centric manner. They are operating at the intersection of three growth trends - access to wealth management services for retail investors, social investing by a new upcoming class of retail investors who are more risk taking, and crypto trading," said Pratik Poddar, principal, Nexus Venture Partners.
The Bengaluru and San Francisco-based company holds an asset under management of $15 million, at present.
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