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Inflection Point Ventures, LetsVenture, others back digital wallet Rooba Finance

Cymbient Technologies Pvt. Ltd, which runs virtual asset control startup Rooba Finance, on Thursday stated it has secured a seed investment of $1.three million (around Rs 10 crore) led through Inflection Point Ventures, with participation from LetsVenture, Endurance Capital, KubeVC, and different angel buyers

The Gurugram-primarily based totally employer plans to set up the clean proceeds to construct a licensed platform in foreign places and permit a worldwide change control (GTM) strategy.

Founded in 2021, Rooba Finance facilitates Institutions, HNIs, hedge price range, and own circle of relatives workplaces to keep their virtual belongings like crypto, NFT, and different tokens withinside the maximum steady way and feature get right of entry to to a couple of funding cars in an unmarried frame.

The startup additionally permits establishments to tokenize bodily belongings to permit green and obvious markets, extending into what will be the first virtual commodities and derivatives alternate popping out of India, it stated in a statement.

“At Rooba Finance, we’re a group of passionate people with years of revel in conventional security, banking, enterprise, and cryptographic area. The universe is at play, and we’re out to construct the maximum logical and useful community to help similarly adoption of the Web3 ecosystem,” stated Srinivas L, founder and leader government officer, Rooba Finance.

Launched through Vinay Bansal, Ankur Mittal, and Mitesh Shah, Inflection Point Ventures (IPV) is an organization that backs early-level startups. It had exited thirteen portfolio agencies to offer its buyers an inner go-back fee of 190%. The angel platform first invested in BharatPe in 2018 and has finished a complete exit.

“Crypto and different virtual belongings are rapidly gaining recognition in India; however, many aspiring buyers of this asset elegance nonetheless discover it hard to recognize the buying and selling in such belongings. Because those belongings are constructed on Web3 and pillars of decentralization, the device through nature is designed to be trustless as it’s miles absolutely automated. Rooba is addressing this big untapped market, which we consider will revel in an exponential increase withinside the subsequent 24 months,” stated Shah, co-founder, of Inflection Point Ventures.

The virtual belongings control area has commenced choosing up tempo withinside the final years. Investors like Quona Capital and Elevation Capital have invested in virtual wallets like Liminal, amongst others.

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Sharanya Sinha

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