Zebpay’s Meteoric Rise: Adding 200,000 Users Monthly Amid Market Frenzy

The Wild World of Bitcoin in India

As Bitcoin continues its rollercoaster ride in the Indian financial landscape, Zebpay stands out as a leading player, attracting a staggering 200,000 new users every month. With ambitions set on half a million users by the end of 2017, Zebpay has certainly grabbed the spotlight.

A Crazy Transformation

In a candid chat with Forbes India, Zebpay’s CEO and co-founder, Saurabh Agrawal, described the current state of the market as “crazy.” He reminisced about the early days of Zebpay, stating, “We had no idea the price would shoot up. We were here to build a business model, not play the valuation game.” It’s a sentiment many founders can relate to—building businesses in a seemingly volatile environment.

Mobile App Milestones

In a rapid ascent, Zebpay recently celebrated crossing one million downloads of its mobile app. This milestone followed closely after reaching the half-million mark just three months prior in May, proving that there’s no shortage of appetite for Bitcoin trading among Indian users.

Market Competition and Growth

Not one to shy away from competition, Zebpay is not alone in this Bitcoin craze. Unocoin is also seeing substantial growth, as Indian citizens increasingly turn to cryptocurrencies amidst currency shake-ups and bailouts. The government’s recent announcement of a $32 billion aid package aimed at the banking sector is yet another reason for citizens to explore alternatives like Bitcoin.

The Future: A Six-Month Projection

Moreover, co-founder Mahin Goenka added, “After two months, we will be adding 5 lakh users a month.” That’s a bold claim, showcasing the growing demand and interest in Bitcoin trading within India. With the majority of trading happening through their app—no traditional website in sight—Zebpay is fully embracing mobile-first technology.

Emerging Alternatives

While Zebpay soars, other alternatives like Localbitcoins mark their territory. Recently, the platform reported its fifth busiest week in India, with ₹54.1 million ($834,000) exchanged during the week ending October 21. It’s a sign—not just for Zebpay but for the entire cryptocurrency trading landscape in India—that the digital currency revolution is far from over.