Flippy, a social crypto platform has raised $1.15 million in its Seed round led by Redstart Labs, a wholly-owned subsidiary of InfoEdge, and other key investors including Entrepreneur First, Justin Caldbeck, Alex Lin, and Anirudh Rastogi. The company launched its mobile app in India.
The company has also been backed by a marquee investor- 7 Percent Ventures, an international fund that has invested in unicorns like Oculus VR (later sold to Facebook), SourceDNA (later bought by Apple) and Magic Pony technologies (subsequently sold to Twitter), according to The Free Press Journal.
The company said that 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.
Founded by Srinidhi Moodalagiri and Srivar Harlaka in 2021, Flippy is a social investment platform where users can invest in thematic crypto baskets. Users can connect with friends and check out the real-time portfolio of favorite crypto gurus.
Flippy has partnered with leading crypto exchanges such as Bitbns, Krypto and Unocoin, and is in talks with CoinDCX, Zebpay and WazirX to allow users to link their trading accounts and complete their investments from the flippy platform itself.
“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, Gaming allowing new and existing investors to discover, discuss, and diversify investments across themes without having to research each token individually,” Srinidhi Moodalagiri, Co-Founder of flippy, said.
“The recent trend in India depicts that more than 60 percent of states in India are cryptotech adopters, especially Gen Z and millennials with 66 percent of crypto investors below 35 years of age. Although men have ruled the space, women’s participation in crypto trading has increased by 1,000 percent in the last few years. Seeing this massive demand in the crypto space, the company aims at reaching 1 million users 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, said.
“We believe flippy’s actionable information led platform aligns well with the social trading behavior of its target audience of global GenZ users”, said Amit Behl from Redstart Labs.
Flippy’s app is being used by the users on their waitlist and will be available on the App Store and Google Play Store soon.
Flippy is not an exchange, but a platform built on top of existing exchanges. Once users link their exchange account, all their trades on flippy are executed on their favorite exchange.