In order to provide global capital access to private debt in high-growth nations and provide liquidity, MoHash, India-based decentralized finance (DeFi) protocol, revealed on June 30, 2022, that it has raised USD 6 million in seed funding. The round was led by Quona and Sequoia Capital India.
Along with Balaji Srinivasan, Sandeep Nailwal, and Jaynti Kanani, other investors in the round included Jump Crypto, Hashed Ventures, Coinbase Ventures, Ledger Prime, and CoinSwitch, according to a release from MoHash.
By employing DeFi as a platform, MoHash is giving debt produced by nonbank lenders access to global capital and liquidity because it claims that there is little or no liquidity in emerging market private debt.
It also said that stablecoins, which already have balances of nearly USD 150 billion and are earning high-risk, unsustainable, and crypto-correlated returns, are the junction where MoHash may unleash wealth.
What the founder has to say:
Arun Devarajan, founder, and CEO of MoHash:
“In high growth economies, MoHash provides global liquidity to nonbank lending. We think that in the upcoming years, it will be the proper rocket fuel that will enable them to treble their economies.”
What the investors have to say:
Shailesh Lakhani, MD, Sequoia India, commented:
“MoHash is offering sustainable, uncorrelated, and difficult-to-access yields on-chain for the first time, bringing real-world assets to DeFi users worldwide. This product, which uses the advantages of blockchain technology and aids in resolving a real-world issue, is precisely the kind that DeFi, in our opinion, needs. In addition to being happy to co-lead this financing, Sequoia Capital India has enjoyed working with them over the past few months.”
Co-founder and managing partner at Quona, Ganesh Rengaswamy:
“We at Quona are excited about the DeFi protocol from MoHash, developed for effective liquidity provisioning across emerging markets at scale. We are very thrilled to be a part of this company’s efforts to bridge the finance gap for MSME across the world, beginning in India, with the help of the solution.”
More about the company:
MoHash is a decentralized finance (DeFi) platform that uses crypto assets, specifically stablecoins, to give fast-growing economies access to global capital and liquidity for private lending.
Arun Devarajan and his founding team started their fintech companies in 2021; they have managed funds worth USD 100 million, managed market risk for Asian debt assets worth USD 100 billion, and lent to MSMEs. Additionally, the team has extensive experience developing and expanding technology systems that have served millions of customers and processed more than USD 2 billion in TPV globally. The team has held positions at India Stack, Oliver Wyman, Goldman Sachs, Samsung, and Amazon.
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