[2016-10-10] ET: Zebpay looks to raise $5m for Bitcoins

[polynesia]

Zebpay looks to raise $5m for Bitcoins

http://economictimes.indiatimes.com/small-biz/money/zebpay-looks-to-raise-5m-for-bitcoins/articleshow/54773841.cms

Bitcoin wallet startup Zebpay is in talks to secure Series-A funding of $4-5 million and expects to close the investment by next month, according to one of its founders Saurabh Agrawal. Agrawal said the company is in talks with several Indian investors and that a US-based venture capital fund, which focuses on blockchain technology, has also evinced interest. This will be the second investment the company will have closed this year.

In a seed round in January, Zebpay had raised $1 million. The bitcoin space in India is in the nascent stage but has started getting investor attention. Last month, Bengaluru-based bitcoin exchange startup Unocoin raised $1.5 million in an investment round led by Blume Ventures and saw participation from several US investors including Digital Currency Group, Boost VC, Bank to the Future, and FundersClub.

[philiveyjr]

Are they planning on investing their time into blockchain technologies ? I don't see how does a site where you can buy or sell bitcoins ask for raising 1 million dollars.