ZebPay

ZebPay is an Indian cryptocurrency exchange founded in 2014, offering secure Bitcoin and crypto trading on Android, iOS, and web, with operations in Australia, Singapore, and services across 162 countries.¹ It is headquartered in Singapore with a registered office in Malta.²

Overview of Zebpay

ZebPay is an Indian cryptocurrency exchange, founded as BuySellBitco.in by Sandeep Goenka, Saurabh Agrawal, and Mahin Gupta, rebranded in 2014, becoming one of India’s largest platforms for crypto trading.³

It allows users to buy and sell Bitcoin via Android and iOS apps, and pioneered a mobile wallet enabling simplified Bitcoin transactions without technical complexity.⁴

In 2014, ZebPay was recognized as the best new Bitcoin company at the CoinAgenda conference in Las Vegas. By September 2016, the app had surpassed 100,000 downloads across Android and iOS, withPlay Store downloads alone reaching the same milestone later that month.

In November 2016, ZebPay reported trades exceeding Rs.100 crore, contributing to an overall turnover of Rs.500 crore. In December 2016, co-founder Sandeep Goenka appeared on Rising Stars on Bloomberg TV India, when the platform had over 250,000 registered users.⁵

ZebPay Founder and Team

ZebPay was founded by Sandeep Goenka, Mahin Gupta, and Saurabh Agrawal. The founders stepped back from daily operations after Rahul Pagidipati acquired a majority stake in 2020 and became CEO. In 2021, Rahul Pagidipati and Avinash Shekhar shared responsibilities as co-CEOs, with Rahul resuming sole leadership in 2022 following Shekhar’s departure to launch a Web3 venture.

Mahin Gupta co-founded ZebPay and began his cryptocurrency career in 2012, establishing India’s first Bitcoin company, BuySell Bitco.in.He graduated in Computer Engineering from Hemchandracharya North Gujarat University and has over a decade of experience managing wallet infrastructure and digital assets. In 2021, he founded the wallet infrastructure company Liminal in Singapore.

Saurabh Agrawal holds a Master’s degree in Marketing Research from the University of Wales, Cardiff. He previously founded Red Events, an award-winning Indian event management company.

Sandeep Goenka co-founded ZebPay, previously founded Blynk Systems, and is a certified Bitcoin professional. He holds a Master’s degree in Entrepreneurial Studies from SP Jain Institute of Management and is currently CEO of 21Towers.

Rahul Pagidipati serves as Chairman and CEO of ZebPay, having invested in blockchain and digital currencies since 2011. He was co-founder of Anion Technologies, holds an MBA and law degree from Northwestern University, is a licensed attorney in Florida, and partner at Rhodes Tucker law firm.⁶

From 2014 - 2020: ZebPay Startup Story

ZebPay was founded in 2014 by Mahin Gupta, Sandeep Goenka, and Saurabh Agrawal, initially operating under the name BuySellBitco.in. The platform enabled users to trade cryptocurrencies and quickly became one of India’s largest exchanges. In 2014, ZebPay was recognized as the best new Bitcoin company at the CoinAgenda conference in Las Vegas. By September 2016, the app had surpassed 100,000 downloads across Android and iOS, with Play Store downloads alone reaching the milestone later that month. In November 2016, the platform recorded over Rs.100 crore in trades for the month, contributing to a turnover of Rs.500 crore, and by December 2016, it had over 250,000 users.

The Reserve Bank of India imposed cryptocurrency transaction restrictions in 2018 which forced ZebPay to temporarily suspend its operations because Indian banks stopped offering support for crypto trading. The company dedicated its efforts from 2018 until 2020 to protect its current customer accounts while it developed multi-signature wallet systems and investigated business opportunities in Malta, Australia, Singapore and other locations. The organization evaluated different operational solutions because its operational difficulties caused problems that required new solutions.

In 2019, Rahul Pagidipati, a silent partner, acquired a majority stake in ZebPay. The exchange reopened with fresh management after the Supreme Court ruled in 2020 to remove banking restrictions. ZebPay has expanded its trading operations while more than five million users have started their cryptocurrency investments through the platform.⁷

ZebPay: Name, Tagline, and Logo

ZebPay operates as a cryptocurrency exchange platform which protects its operations through its Iceland-base of operations. The platform uses an abstract symbol that artists created in blue color (#2072ef) to display stability, ambition and reliability. The abstract design delivers contemporary design elements which demonstrate progressive values because it can be used in digital environments, printed materials and official business documents.

The brand's color palette establishes visual consistency from its Dodger Blue base color through all its digital platforms, physical signage and marketing materials. The logo design achieves a balanced professional appearance which maintains its readability across various size dimensions. The typography for the ZebPay name design works together with the graphic elements to enhance reading clarity while not competing with the abstract symbol.

ZebPay developed its logo design through various design phases because the company wanted to establish a unified brand identity that would be easily recognizable in the cryptocurrency market. The abstract symbol and blue color have been integral to maintaining a modern, professional, and memorable identity since the brand's inception.⁸

ZebPay Business Model and Revue

ZebPay operates as a cryptocurrency exchange which uses multiple business strategies to serve its customers who belong to B2C, B2B and B2B2C market segments. The platform offers users the ability to trade between crypto, fiat currencies and between different cryptocurrencies while providing instant INR deposit and withdrawal services and high-volume client access to an over-the-counter trading desk which requires a minimum trade value of $50,000.

The platform provides a selected collection of more than 30 digital assets which it updates every week while enabling trading activities that reach 162 countries through its operations in India, Singapore and Australia.

The company earns its revenue mainly through three sources which include trading fees and OTC services and transaction fees that apply to both deposits and withdrawals. ZebPay has developed into one of India's largest cryptocurrency exchanges since its establishment in 2014 with more than 4 million users.⁹

ZebPay Investors and Funding

ZebPay has maintained its status as a private company while obtaining venture capital financing during its initial development phase. The company raised $125,000 in corporate funding in September 2014, followed by a Series A round of $902,000 in January 2016, and an additional Series A round in October 2016, totaling $1.03 million raised. The company used these funds to develop its platform and its wallet system and to expand into international markets.

ZebPay has also invested in seed funding and early-stage funding for various companies which include Shardeum (July 2022) and Push Chain (April 2022) and Wefi (January 2022). Rahul Pagidipati acquired a majority stake in the company during 2019 which led to a major change in ownership and leadership that enabled the company to achieve a successful turnaround.¹⁰

ZebPay Fees

ZebPay offers no-cost KYC (Know Your Customer) verification services which they conduct on a regular schedule. The fee for Enhanced KYC which enables users to raise withdrawal limits beyond their current transaction limits, which costs Rs.500 plus 18 percent GST which totals Rs.590 implemented from 2nd May 2023. The fee is deducted from the user’s wallet balance upon approval of the submitted documents.

Fiat deposits through instant or manual transfer remain free of charge except for a penalty which costs Rs.500 when customers transfer money from their unregistered bank accounts. Customers can deposit cryptocurrency at no cost. Customers must pay a flat fee of Rs.15 for each fiat withdrawal they make. Users can withdraw between Rs.100 and Rs70,00,000 with a daily withdrawal limit of 15 transactions and a monthly withdrawal limit of 300 transactions. The company completes withdrawal requests within three working days.

ZebPay uses a tiered trading fee system which depends on the 30-day trading volumes of its users. Regular users face maker and taker fees at 0.45% while traders who exceed Rs.500 crore in trading volume pay reduced fees of 0.03%.The trading platform establishes Quick Trade fees at a minimum rate of 0.5% while C2C fees follow the company's tiered fee structure. The government implements a 1% tax deducted at source (TDS) which applies to all crypto transactions starting from 1st July 2022 and has exceptional cases where it can reach up to 5% but taxpayers can claim it back during tax filing.¹¹

How to Use ZebPay?

Users can create a free account on ZebPay to access its cryptocurrency trading platform. The process involves the following steps:

• Download the App: Available on Android (Google Play Store) and iOS (Apple App Store).
• Sign Up: Provide a valid email address and mobile number.
• KYC and Bank Verification: Complete the Know Your Customer (KYC) process and link a verified bank account.
• Add Funds: Deposit fiat currency into the ZebPay wallet.
• Start Trading: Buy and sell cryptocurrencies across more than 300 trading pairs using Quick Trade or the main exchange interface.

Additional features include ZebPay Earn, which allows users to earn returns on crypto holdings, and portfolio tracking tools for asset management. For security, approximately 98% of digital assets are stored in cold wallets, with multi-stage security protocols ensuring end-to-end protection.¹²

¹ Your Story, “Company Profile: Zebpay”, Achieved

² Bit Coin, “Zebpay Sets up Operations Overseas After Suspending Exchange Activities in India”, Achieved, Retrieved October 2018

³ Your Story, “How crypto exchange ZebPay revived from shutdown to land 4M users, $1B in monthly transactions”, Achieved, Retrieved September 2021

⁴ India Fintech, “Company Profile: Zebpay”, Achieved

⁵ Pepnewz, “How To Use Zebpay’s Cryptocurrency Wallet To Buy And Sell Bitcoins?”, Achieved, Retrieved March 2018

⁶ StartupTalky, “ZebPay Success Story - From Humble Beginnings to Leading Cryptocurrency Exchange”, Achieved, Retrieved February 2023

⁷ StartupTalky, “ZebPay Success Story - From Humble Beginnings to Leading Cryptocurrency Exchange”, Achieved, Retrieved February 2023

⁸ Logotyp, “Company Profile: ZebPay”, Achieved

⁹ Your Story, “Company Profile: ZebPay”, Achieved

¹⁰ PitchBook, “Company Profile: Zebpay Overview”, Achieved

¹¹ Zebpay, “Flexible, Convenient Pricing”, Achieved, Retrieved May 2023

¹² Zebpay, “Company Profile: Instant Account Set Up, Limitless Trading!”, Achieved