Defy Raises $5.5 Million In Seed Funding

The platform is looking to scale its team across engineering, product, growth and other verticals

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Defy, a social crypto exchange platform, has raised $5.5 million in Seed funding.


The round was led by Y Combinator, Goat VC, JAM Fund and Goodwater Capital. Other participants were Gemba Capital, Night Ventures, GMO Venture Partners, Uncommon Capital, Soma Capital and Olive Tree Capital.

The platform is looking to scale the team across engineering, product, growth and other verticals, said a statement.

"Defy is a fintech startup that aims at disrupting the cryptocurrency space in India. Our platform puts the user needs at the heart of the conversation. Defy is an app for crypto enthusiasts in India that embraces a friendly user experience. Over the past 18 months, this asset class has caught everyone's attention not only because it has emerged as the best asset class of 2021, but also because other asset classes are unable to fulfill the aspiration of the smart investors who want their money to grow in tandem with global growth rate," said Bhagaban Behera, co-founder and CEO, in the statement.

"With Defy, a user can communicate with other users and learn along the way. We want to make the process of investing in crypto much more seamless and enjoyable," said Nakul Kelkar, co-founder and COO.