Mumbai-based blockchain startup Elemential has raised an undisclosed sum in a round led by venture capital firm Matrix Partners India, a company statement said. The other investors who participated in the round include a mix of venture capital firms and individuals such as early-stage fund Investopad, New York-based VC firm Digital Currency Group, the Hinduja Group, Lightspeed India, and Eight Innovate.

Amit Ranjan, co-founder of professional content sharing platform SlideShare; Prashant Malik, angel investor and co-founder ofLimeRoad; Amrish Rau, chief executive at PayU; and other angels also invested in the company. The investment was made via AngelList and is its first syndicate in India.

The firm will use the funds to develop its team, Raunaq Vaisoha, co-founder and chief executive of the firm, told VCCircle. He did not disclose the deal value.

“Blockchain is the next big infrastructure shift in technology and we are looking to invest in startups that are capturing value at the core infrastructure, middleware or application layer,” said Rajat Agarwal, vice president, Matrix India. Elemential is a blockchain administration platform that helps developers manage blockchain networks at scale.

The startup does this through its products Hadron (orchestration tool) and Elements (building blocks) that help build scalable blockchain applications. The firm works with the National Stock Exchange of India and several other pilot customers across use cases varying from KYC, trade finance, reconciliation, consent management, etc. Read more from…

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