Defy, a Bengaluru-based startup founded by Bhagaban Behera, Sriharsha Setty, and Nakul Kelkar, has raised $5.5 million in seed funding for its parent company, Walrus, which is sponsored by Y Combinator.
With the new money, Defy intends to construct a community-based social crypto exchange/platform that would allow users to create profiles and share portfolios with friends and followers.
The funding for Defy comes as investor interest in India’s burgeoning crypto sector grows.
Commenting on the investment Bhagaban Behera, Co-founder and CEO, said: “Defy is a coming-of-age fintech startup that aims at disrupting the cryptocurrency space in India. Our platform puts the user’s needs at the heart of the conversation. Defy is an app for crypto enthusiasts in India that embraces a friendly user experience keeping the intimidating crypto lingo at bay.“