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Bengaluru based social crypto discovery platform Flippy has announced the launch of its mobile app in India, with a funding of $1.15 Million in a series seed round led by Redstart Labs (A subsidiary of InfoEdge), in participation with Entrepreneur First, Justin Caldbeck, Alex Lin, and Anirudh Rastogi.
“The funds will be used to focus on building a team of junior and senior-level engineering talent to scale flippy’s operations. The second objective is to form a user acquisition strategy and create content that will impart knowledge and make crypto accessible to all investors,” the startup said.
Speaking on the launch, Srinidhi Moodalagiri, Co-founder of flippy, said, “The crypto space is a relatively new area with new technicalities and volatility leading to investor apprehension to enter the space. With flippy, we provide access to relatable thematic baskets, such as Metaverse, NFTs, and Gaming allowing new and existing investors to discover, discuss, and diversify investments across themes without having to research each token individually. flippy is the only platform enabling Peer to Peer knowledge sharing through interesting, interactive, and engaging content formats, making the investor journey hassle-free, efficient and straightforward.”
“The recent trend in India depicts that more than 60% of states in India are Cryptotech adopters, especially Gen Z and millennials with 66% of crypto investors below 35 years of age. Although men have ruled the space, women’s participation in crypto trading has increased by 1000% in the last few years. Seeing this massive demand in the crypto space, the company aims at reaching 1Mn user in the next 18 months. The funding and backing by credible investors will enable flippy to be the pioneer in the social crypto space to make crypto understandable and accessible to new investors and equip them with a fun and simplified platform to invest in this space,” Srivar Harlaka, Co-founder, flippy added.
Commenting on the investment, Amit Behl of Redstart Labs said, “flippy’s platform captures signals around the adoption of web3, crypto, and decentralized assets making it easy for GenZ users to discover and understand upcoming web3 assets from across the world. We believe flippy’s actionable information-led platform aligns well with the social trading behavior of its target audience of global GenZ users.”