When you trace the history of crypto in India, every road leads back to one name: ZebPay. Long before Bitcoin became a dinner table conversation, before crypto unicorns and regulatory debates made headlines, ZebPay was already building the infrastructure for digital asset trading in India. Founded in 2014, ZebPay is India’s first crypto exchange – a platform that pioneered Bitcoin adoption in the country, weathered a regulatory storm that almost erased it, and came back stronger than ever.
This is the story of how it happened.
The Origin Story: From BuySellBitco.in to ZebPay (2012-2014)
The idea that would become ZebPay started in 2012. Mahin Gupta, a developer and early Bitcoin enthusiast, launched a platform called BuySellBitco.in – a simple service that allowed Indian users to buy and sell Bitcoin. It was a time when Bitcoin was little more than a curiosity, known mostly in niche developer circles and early adopters online.
In September 2014, the company was rebranded as ZebPay, with two new co-founders joining: Saurabh Agrawal and Sandeep Goenka. The name change came with a sharper product focus – a mobile-first Bitcoin wallet that let Indian users trade Bitcoin using nothing more than their mobile number and a 4-digit PIN. No complicated wallet addresses. No technical setup. Just buy, sell, and hold.
That simplicity was the key differentiator. ZebPay was India’s first Bitcoin company to launch a mobile wallet that made crypto transactions accessible to everyday users. The same year, the company was voted Best New Bitcoin Company at the CoinAgenda conference in Las Vegas – an early signal that the rest of the world was paying attention to what was being built in Ahmedabad.
Early Growth: Building India’s Crypto Awareness (2015-2017)
The years between 2015 and 2017 were formative for ZebPay and for India’s crypto ecosystem as a whole. With a clean, beginner-friendly app available on both iOS and Android, ZebPay became the default entry point for Indian users curious about Bitcoin.
The platform’s mobile-first design resonated deeply in a country where smartphones were overtaking desktops as the primary internet device. Depositing INR, buying Bitcoin, and storing it safely – all within a single app – removed the barriers that had kept most Indians away from crypto.
By September 2016, ZebPay had crossed 100,000 downloads on Android and iOS stores combined. By December 2016, the user base had grown to over 250,000 registered users, and the platform had crossed a Rs 500 crore annual turnover milestone. Trade volumes in November 2016 alone exceeded Rs 100 crore.
By early 2018, ZebPay had over 300,000 users on its apps – a significant number for an asset class that was still regarded with skepticism by mainstream Indian investors.
The RBI Banking Ban: A Crisis That Could Have Ended Everything (2018)
In April 2018, the Reserve Bank of India (RBI) issued a circular directing all regulated financial entities to stop providing services to businesses dealing in virtual currencies. Indian banks were given three months to wind down crypto-related accounts.
For ZebPay and every other crypto exchange operating in India, this was a direct existential threat. Without bank support, an exchange cannot process INR deposits or withdrawals – which means it effectively cannot function.
ZebPay was the first crypto exchange to shut down operations in compliance with the RBI directive. In September 2018, ZebPay announced it was suspending all trading and returning deposited funds to its users. In a public statement, the company said:
“The recent past has been extremely difficult. The curb on bank accounts has crippled our and our customer’s ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”
It was a painful but principled decision. Rather than resist or operate in a grey area, ZebPay chose compliance – a choice that would define its reputation in the years that followed.
Surviving the Crypto Winter (2018-2020)
Most companies in ZebPay’s position would have dissolved and moved on. ZebPay did not.
Behind the closed shutters, a small team continued to work. The focus during this period was on hardening the platform’s technical infrastructure – particularly its multi-signature wallet system, which required multiple authorisations for any fund movement. ZebPay also explored business operations in Singapore, Malta, and Australia during this time, keeping the entity alive while waiting for the regulatory environment in India to shift.
By late 2019, the outlook was uncertain enough that the founders began seriously evaluating whether to shut down permanently. Then Rahul Pagidipati, who had been a silent investor, stepped in. He bought out the majority of the company, with the original founders reducing their combined stake to less than 10 percent. A new management team took over, and ZebPay quietly relaunched operations in January 2020 – months before anyone knew what the Supreme Court was about to decide.
The Supreme Court Verdict and ZebPay’s Comeback (2020)
In March 2020, the Supreme Court of India struck down the RBI’s 2018 circular, ruling it unconstitutional. Banks could once again support crypto exchanges. For India’s crypto industry, it was the moment everyone had been waiting for.
ZebPay had relaunched just weeks earlier. When the verdict dropped, it was already positioned to absorb the wave of demand that followed. And the wave was enormous.
From March to September 2020, the number of trading customers on ZebPay grew by nearly four times, with average monthly growth running at 24 percent. Active trading customers increased by 20 times over the same period. Daily trading volumes peaked at $10 million, with average daily volumes of $3-5 million.
ZebPay became profitable in April 2020 – less than a month after the Supreme Court verdict. By the end of 2020, the platform was processing $3 billion in lifetime transactions for over 3.5 million users, with roughly 95 percent of its user base based in India.
Milestones and Growth: 2021 to Present
The years following 2020 have been marked by rapid product expansion and sustained user growth for ZebPay. India was ranked among the top countries globally for crypto adoption, and ZebPay was at the centre of that shift.
Key milestones from this period:
- 2021: ZebPay crossed 4 million registered users and recorded $1 billion in monthly transaction volumes. Transaction volumes over 16 months had grown by more than 25 times.
- Bitcoin Lightning Network: ZebPay became one of the first Indian exchanges to integrate the Bitcoin Lightning Network, enabling faster and cheaper Bitcoin transactions.
- Crypto SIP: ZebPay pioneered recurring crypto purchases for Indian investors – a feature modelled on the systematic investment plans (SIPs) that millions of Indians already use for mutual funds.
- ZebPay Earn: The platform launched a crypto lending program allowing users to earn up to 8.5% annual interest on their crypto holdings – one of the most competitive passive income offerings on any Indian exchange.
- OTC Desk and CryptoPacks: ZebPay added an over-the-counter (OTC) trading desk for large-volume transactions and introduced CryptoPacks – curated baskets of crypto assets for diversified investment.
- 2024: ZebPay celebrated its 10th anniversary with 6 million registered users, marking a decade of continuous service to Indian crypto investors.
Today, ZebPay supports 250+ cryptocurrencies, operates in 162 countries, and continues to be headquartered in Singapore with its core operations and team based in India.
What Makes ZebPay India’s Most Trusted Crypto Exchange
A decade is a long time in any industry. In crypto, it is an eternity. The fact that ZebPay has operated continuously – barring the forced 2018 shutdown – without a major security breach is itself a significant trust signal.
Here is what underpins that track record:
Security infrastructure: ZebPay stores the large majority of user funds in cold wallets – offline storage inaccessible to online attacks. Its multi-signature wallet system requires multiple authorisations before any fund movement can occur. Users can also enable two-factor authentication (2FA) and optionally lock all outgoing transfers.
Regulatory compliance: ZebPay is registered with India’s Financial Intelligence Unit (FIU) and automatically deducts 1% TDS on all eligible crypto transactions under Section 194S of the Income Tax Act.
Fee transparency: ZebPay charges a standard trading fee of 0.5%, with zero fees on select crypto-to-crypto pairs. There are no hidden deposit or withdrawal fees on INR transactions.
Product depth: From basic spot trading to Crypto SIP, OTC services, crypto lending, and curated CryptoPacks, ZebPay has built a product suite that serves both first-time buyers and experienced investors.
ZebPay’s Role in Shaping India’s Crypto Regulation Journey
ZebPay’s history is inseparable from the regulatory history of crypto in India. It was the first major exchange to voluntarily shut down in 2018 rather than operate against banking restrictions. It was among the loudest voices calling for regulation rather than a blanket ban. And it was one of the first exchanges to resume operations the moment the legal environment cleared.
That consistent stance – compliance first, advocacy always – has earned ZebPay a degree of credibility with Indian regulators and investors that newer entrants do not yet have. As India continues to refine its crypto regulatory framework, ZebPay’s decade-long track record positions it as a platform that has already demonstrated it can operate responsibly across different regulatory regimes.
Conclusion
ZebPay’s story is about more than one exchange. It is the story of how crypto came to India – through the work of early believers who built something useful, faced setbacks that would have ended most businesses, and kept going because they were convinced that Bitcoin and digital assets were not a trend but a permanent shift in how people store and transfer value.
From a simple app launched in Ahmedabad in 2014 to a platform serving 6 million users across 162 countries, ZebPay has earned its place as India’s first and most enduring crypto exchange.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Crypto investments carry risk. Please do your own research before making any investment decisions.
