Carret, a cryptocurrency trading platform has raised an undisclosed amount in pre-seed funding round from Sandeep Nailwal (co-founder, Polygon), former BlackRock executive Yan Wu and Amesten Capital.
The startup plans to use the funds to strengthen its operations and expand the startup’s offerings and strategic vertical. It will also be used to recruit global talent and expand its operations outside India and to build marketing requirements and security applications.
Singapore and Bangalore-based Carret was founded in 2021 by Neha Kumari and Shuja Hussain, It is a cryptocurrency trading platform that allows users to trade over 100 cryptocurrencies.
The startup primarily caters to Gen Z, millennials and recently employed young people who wish to invest in cryptocurrencies and diversify their assets.
Its flagship product, 24Carret, claims to deliver an Annual Yield (APY) of up to 17%.
Carret co-founder Neha Kumari said the startup is currently focusing on India as a target market and is looking to expand to Middle East and Southeast Asian countries in the next 6-8 months.
Kumari also said that the startup pools its crypto assets in multiple institutional borrowers, protocol-level staking and DeFi ecosystem to minimize risk, and the startup’s team weights borrowers to generate maximum returns.
She said the startup has largely combined technology and human elements to create those benefits, and leveraged in-house experts and external financial advisors to build the product.
The startup is also planning another fundraiser in the next six or eight months, and it will invest more in technology and products to improve the user interface and app experience, she added.
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The startup claims to have grown an average of 10x in the last three months.
Carret is the ultimate secure platform to trade popular cryptocurrencies and earn an interest up to 17% p.a. on crypto holdings.
With “24Carret”, user can get the convenience of “crypto savings account”.
They offer crypto trading with lowest fee in the market and offer highest interest on crypto assets to help compound wealth, all on single platform.
With their all-in-one trading and investment solutions, they empower users to navigate the crypto-verse.