The company believes that the latest round of funding will help it bolster its continued growth in India, allow it to build a stronger technology team, and enhance its product infrastructure and offerings. Founded in 2013 by Abhinand Kaseti, Harish BV, Sathvik Vishwanath and Sunny Ray, Unocoin is credited as India’s first crypto exchange. It claims to be operating India’s largest Bitcoin to Indian Rupee trading platform and says that at its peak, it processed transactions worth INR 2 Bn per month for its more than 13 lakh customers. The police claimed that the ATM kiosk had been set up without prior approvals from the regulating agencies, either RBI or SEBI (Securities and Exchange Board of India). Last month, executives from WazirX and neobank Cashaa told Inc42 that source-based media reports that speculate about the ban on cryptocurrencies in India should always be taken with a pinch of salt.