Sandeep Goenka, Mahin Gupta, and Saurabh Agrawal: Pioneering the Bitcoin Revolution with Zebpay

Sandeep Goenka, Mahin Gupta, and Saurabh Agrawal, together with their company Zebpay, have become a formidable force in the world of cryptocurrencies, where creativity and volatility go hand in hand. Pioneers in the Bitcoin exchange industry, they have made great progress in bringing Bitcoin to a wider audience by skilfully navigating the difficulties of the cryptocurrency world.

Founded in 2014, Zebpay set out with a unique vision—to simplify the process of buying, storing, and spending bitcoins for the general public. While Bitcoin, created in 2009, presented a revolutionary concept of a decentralized digital currency, the trio at Zebpay recognized the challenges of adoption due to its complex nature. Bitcoin addresses, intricate and demanding e-wallets, posed obstacles for regular users. To bridge this gap, Zebpay aimed to create a user-friendly platform, akin to the simplicity of popular messaging apps like WhatsApp.

Saurabh Agrawal, the CEO of Zeb Ventures, explains the strategic decision that set Zebpay apart from other exchanges worldwide. Understanding the significance of mobile phones in India and the widespread internet penetration through smartphones, Zebpay opted for an app-only presence in the country. This approach allowed users to seamlessly engage in Bitcoin transactions using their mobile numbers, thereby making the process as straightforward as using a messaging app.

While other exchanges like Unocoin and Coinsecure existed as websites, Zebpay’s innovative app quickly gained traction. The app-only model proved instrumental in achieving rapid adoption, and Zebpay boasts a 70% market share in India. With trade volumes reaching approximately ₹70 crore per day, Zebpay has become a dominant player in the Bitcoin exchange space, charging a commission of 0.5% to 1%. The company’s revenues for FY2017 reached $2 million.

Mahin Gupta, the CTO of Zeb Ventures, played a crucial role in shaping the company’s technological foundation. With a background in software engineering and prior experience in working with an Australian Bitcoin exchange, Gupta’s expertise and vision contributed significantly to Zebpay’s success. His deep understanding of Bitcoin’s potential beyond a mere cryptocurrency added a strategic dimension to the company’s goals.

Sandeep Goenka, the COO of Zeb Ventures, brought a unique perspective to the table. With an MBA from the SP Jain Institute of Management, Goenka ventured into his family’s textile business before delving into the world of technology. His interest in Bitcoin led him to invest in technology startups, eventually bringing him to the doorstep of Zebpay. Goenka’s role as an angel investor turned into a hands-on involvement in Zebpay, reflecting his commitment to exploring and understanding technology trends.

The trio’s collaboration took shape in June 2014, and Zebpay soon gained recognition on a global platform. Winning the BitAngels Startup Pitch Competition at Las Vegas validated the strength of their idea and its potential impact. Zebpay’s app, providing a simple solution for Bitcoin transactions, became a game-changer in the industry.

However, Zebpay’s journey was not without challenges. The initial months saw limited user engagement, prompting the team to strategize and raise awareness. A referral program, offering bitcoins worth ₹100 per download, initially led to a surge in downloads but also encountered unexpected issues. The program’s popularity in Indonesia, where users exploited free SIM cards, resulted in losses for Zebpay, prompting a quick adjustment in strategy.

The turning point for Zebpay came in 2016 when global events such as Brexit, the election of Donald Trump, and demonetization in India triggered a surge in Bitcoin users. Zebpay’s user base doubled with each crisis, and the increasing demand for bitcoins drove up their price. While the volatility of cryptocurrencies remained a risk, Zebpay’s numbers soared, and the platform began adding 2 lakh users per month.

Looking ahead, Zebpay aims to expand its offerings to include other cryptocurrencies like Ether, Ripple, and Litecoin. The founders project a significant increase in user numbers, with a goal of adding 5 lakh users per month in the near future. As Sandeep Goenka aptly puts it, Zebpay has not just built a business but has become a catalyst in bringing Bitcoin to the public, shaping the future of digital currency in India.