Mudrex

Market position

Mudrex positions itself as one of India's leading crypto investing platforms; Y Combinator's directory describes it as "India's largest crypto investing platform," and the company said it became the world's largest crypto index investing platform in Q1 2022 with more than 250,000 investors. It differentiates on breadth of listed assets (650+), INR-margined futures, FIU-IND registration and international compliance registrations. [0][1][5][7]

The company presents itself as a single destination combining spot, futures, index-style Coin Sets, SIPs, staking and Web3 tokens with direct INR deposits and withdrawals, rather than a trading-only exchange. Distinguishing elements cited include INR-margined futures that avoid a USDT conversion step, no-code automated strategy tools for experienced traders, monthly rebalanced thematic baskets with a stated minimum investment of $1, and compliance credentials (FIU-IND, EU VASP, Italy OAM, ISO 27001:2022, SOC 2 Type II). [0][1][2][3][7]

Technology

The platform provides order execution with stop-loss and take-profit orders, buy-the-dip automation, low-slippage matching and deep liquidity, real-time portfolio P&L, and automatically rebalanced Coin Sets baskets. Its origins are in Algos, a no-code automated trading infrastructure that let users build and run trading bots. Additional technology includes API-based Crypto-as-a-Service infrastructure and SatoshiGPT, an AI chatbot for crypto education. Security and compliance controls include AES-256 encryption, multi-factor authentication, ISO/IEC 27001:2022 and SOC 2 Type II audits, and third-party custody. [0][1][3][5][7]

Go-to-market

Distribution is mobile-first through iOS and Android apps (1M+ Google Play downloads) alongside the web platform, supported by rapid KYC onboarding, UPI and bank-transfer INR funding, and 24x7 customer support. Demand generation leans on education and content — blogs, YouTube tutorials, live webinars, Satoshi School courses, the WAGMI student community across IITs, NITs, ISB, FMS and MDI, and trade signals in the app — plus media collaborations with The Economic Times and Moneycontrol for curated assets, insights and investor education, and search-oriented crypto price, converter and tax tools on its site. [0][1][2][3][7]

Retail crypto investors and traders in India — from beginners entering with small INR amounts via UPI to active futures traders — plus international users in the markets Mudrex serves, and business customers such as brokers, portfolio management services and fintechs using its API infrastructure. [0][1][3][6][7]

Geography

US-headquartered with its main operating base in Bengaluru, Karnataka (HSR Layout), and a registered developer address in Wilmington, Delaware; earlier profiles list San Francisco as headquarters. The platform has been described as operating in over 100 countries (one source cites 90 areas served and four locations), and in May 2023 Mudrex expanded into Europe by launching Coin Sets in Italy, establishing an OAM registration and a branch office in Milan. Regulatory footprint spans FIU-IND in India, VASP in the EU and OAM in Italy. [2][3][6][7]

History

Founded in 2018 by a team from IIT Bombay and IIT Kanpur — Edul Patel (CEO), Alankar Saxena (CTO), Rohit Goyal and Prince Arora — Mudrex went through Y Combinator's Winter 2019 batch. After an initial exchange concept was blocked by RBI restrictions, it built Algos, a no-code automated trading product that drew over 1,000 users in India and abroad. As retail interest in crypto grew in 2021 the company pivoted toward accessible investing products, launching Coin Sets in September 2021 and adding an SIP feature for Coin Sets in 2022, reaching over 250,000 index investors by Q1 2022. In May 2023 it launched Coin Sets in Italy with an OAM registration and Milan branch office. The current platform spans spot trading in 650+ assets, INR and USDT futures, Web3 tokens, Earn, and commodity perpetuals, with an ecosystem that includes a stablecoin on-ramp/off-ramp and the Saber OTC business. [0][1][2][5][6][7]

Risks & controversies

Mudrex's own disclosures note that crypto products and NFTs are unregulated and may be highly risky, that there may be no regulatory recourse for losses, and that futures trading carries high risk. The company warns publicly about fraudulent websites and scams impersonating Mudrex and urges users to verify official channels. Its history also shows regulatory exposure: an initial exchange plan was abandoned after Reserve Bank of India restrictions on crypto trading, prompting a pivot to automated trading infrastructure. [0][1][3][7]