Bengaluru-based Onmeta, the India-focused on-ramp and off-ramp solutions provider for the crypto segment, has raised $1.5 million in a seed funding round led by Skycatcher Fund.
The round also saw participation from Luno Expeditions, Polygon Studios, GSF Fund, and notable angels like Sandeep Nailwal (Polygon Founder), Ganesh Swami (Covalent CEO), Nitish Mittersain (Nazara Founder), Madhur Deep (India Head, Alibaba) and Hiro Mashita (MD, Sin Growth Partners).
Onmeta provides enterprise on and off-ramp solutions (API/widget integration) to web3 dapps to help them improve their user experience and accelerate their adoption by mainstream users.
Founded in December 2021 by Bharath T and Krishna Teja Nemani, Onmeta’s product went live in April 2022. Since its inception, the startup claims to have processed US$1 million+ in transactions for 15+ popular dapps focusing on the Indian market.
It intends to use the raised capital to build support for multiple fiat currencies, team expansion, as well as community outreach.
“Mainstream adoption of web3 projects is only possible if web2 UX can be brought to the web3 ecosystem. While most other on and off ramp service providers process payments in 5–10 mins on an average, Onmeta has processed 91% of its transactions so far in <60 seconds, mirroring the current web2 experience of instant payments.”, said Bharath T. The startup said it aims to become a fully interoperable solution that supports all major fiat currencies as well as all tokens across all major blockchains. Currently, it is the only service provider supporting INR fiat on and off ramp and supports 4000+ tokens across Polygon, Ethereum, and Binance Smart Chain blockchains with work underway for supporting 20+ blockchains by end of this year, it said. It has 15+ dApps currently using its solution including Pillow.fund, Ticketh.io, NFTically, Unifarm, Alive.house, Polysports, Growspace, and Komet Wallet. Onmeta said its solution brings web2 UX to web3 by providing native iframe support so the user doesn’t have to leave the dApp ever. The startup also said that it wants to ensure that the web3 developers leveraging Onmeta can focus on building their core businesses, while the startup takes on the responsibility of managing compliance with regulatory requirements in all jurisdictions it supports. For instance, Onmeta said it is in compliance with local regulations like eKYC and AML checks for all the transactions processed through its solutions. Speaking on the investment, Sia Kamalie, Founder of Skycatcher, said, “Onmeta is building bridges to unlock India’s active web3 user base from a couple million today to the next +100m users. The team is inspired to bring the PayPal or Stripe user experience for web3 games and dapps who want to tap into India’s scale with a one-stop solution.” Source @Indianstartupnews
