Web3 startup zbyte has raised $4 Mn (INR 33.2 Cr) as part of a strategic funding round from multiple investors, including Cartography Capital and Quarterback Financial. The startup said it has also received an additional commitment of $1 Mn.
The fresh capital will be utilised to ramp up hiring, accelerate product development and demonstrate use cases of the new platform.
“This fundraise will accelerate their ambitious roadmap. Onboarding various talented developer communities, organising hackathons, bringing the power of Web3 to businesses and developers across various domains and use cases by leveraging the power of the zbyte platform, while aggressively decentralising and empowering the zbyte community,” said cofounder Krish Kupathil.
During the fundraise, the startup also announced the launch of its mainnet, a fully developed and deployed blockchain protocol. As per the startup, the mainnet will enable Web2 developers to create decentralised applications (dApps) via a low-code and no-code module approach.
Commenting on the development, Cartography Capital’s Dan Quintero said, “Investing in zbyte was a strategic decision for us. Their vision of making Web3 accessible to the masses and their commitment to simplifying the development process is truly groundbreaking. We believe zbyte is set to be a key player in scaling Web3 adoption.”
Founded in 2021 by Kupathil, Nitin Kumar and Ankush Tiwari, zbyte has developed a blockchain-enabled low-code/ no-code platform to make it easy for developers and enterprises to build dApps.
It aims to accelerate the adoption of Web3 by building an API-first decentralised platform protocol that will offer support for multiple Layer1 blockchains, connectors to Web2 systems, and the ability to use dApps with configurable gas fees.
The fundraise comes nearly two years after the startup raised $10 Mn in 2022 from undisclosed private investors.
In the past few years, the Indian startup ecosystem has been at the forefront of adopting various emerging technologies such as Web3 and artificial intelligence.
According to a report by management consulting firm Primus Partners, the Web3 sector has the potential to generate around 2.2 Mn jobs in India over the next 10 years.
The report also claimed that India, with more than 900 enterprises in the domain, constituted 11% of the global Web3 developer community in 2022. The firm also predicted that the sector is expected to contribute a substantial $1.1 Tn to the country’s gross domestic product (GDP) by 2032.
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