Indian DeFi startup Pillow raises USD 3 million in a Seed round

Pillow, an India-based decentralised finance startup, has raised USD 3 million in a seed funding round led by Elevation Capital on 4 February 2022.

Investors: The latest funding round was led by Elevation Capital with participation from several angel investors, including FalconX co-founder Prabhakar Reddy, Polygon founders JD Kanani and Sandeep Nainwal, Livspace’s Ramakant Sharma and Dunzo’s Mukund Jha.

Founded in 2016, Elevation Capital is a venture capital firm that seeks to invest in venture-backed technology companies with disproportionate risk-reward profiles. Since 2016, the firm has partnered with the founders of companies that now have a market value of more than USD 300 billion. Its portfolio includes startups like Opendoor, SpaceX, Lyft, Rubrik, Plaid, Stripe and many more.

The Objectives behind the funding: The company plans to deploy the current proceeds to build alpha-generating Decentralised Finance strategies for popular crypto-assets as well as for global expansion, it said in a statement.

About Pillow 

Founded in 2021 by Rajath KM, Arindam Roy and Kartik Mishra, Pillow is a decentralised finance platform that helps generate yields on crypto-investment. Its platform abstracts out all technical, security, and strategic concerns and builds alpha-generating Defi strategies enabling users to earn high yields on their holdings with just a simple click. The company is building a community of users worldwide who want to earn interest on their crypto instead of letting them lie idle. The startup claims to have reached USD 1 million in assets under management (AUMs) within three weeks of launching its beta operations in December 2021. 

Pillow uses BitGo, the world’s leading custodial services, to ensure customers’ crypto-assets are secure. The company leverages Gnosis Safe, a smart contract wallet running on Ethereum, for multiple sign-ins.

What the Founder has to say:

“We want to create a future where accessibility to decentralised finance is democratised, if not more than traditional finance,” said Arindam Roy, CEO and Co-Founder of Pillow. “We’re fulfilling this vision by letting our users gain access to DeFi yield opportunities in a simple, safe, and secure manner.”

What the Investor has to say:

“We believe the next big unlock in Web 3.0 is going to come from significantly improving user experiences,” Vaas Bhaskar, principal at Elevation Capital, said in the statement. “Pillow fits right into that theme by abstracting away the complexities of DeFi, and hence making it more accessible.”

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