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Blockchain start-up
Polygon raises ~3.4k cr
Valued at $10 bn in round led by Sequoia, Tiger Global; biggest for Web3 in India
DEEPSEKHAR CHOUDHURY Capital India is thrilled to
Bengaluru, 7 February lead this significant financ-
ing round.”

B
lockchain start-up “With this war chest, the
Polygon has raised core team can secure
$450 million (around Polygon’s lead in paving the
~3,400 crore) at a valuation of way for mass adoption of
around $10 billion, making it Web3 applications, a race
the biggest funding round in that we believe will result in
the Web3 (crypto and block- Ethereum prevailing over
chain) space in India, and alternative blockchains. The
one with the highest val- funds will also allow Polygon
uation. to continue investing in cut-
The funding was raised ting-edge zero knowledge
through a private sale of its (ZK) technology that will be
native MATIC token in a key to onboarding the next
funding round led by billion users to Web3,” the
Sequoia Capital India with company said.
participation from SoftBank, “Impressive as that roster
Tiger Global, and others. network and reap the mainnet. is, Polygon has always been
Polygon is an Ethereum rewards. Ethereum, scaled by With Polygon Edge, proj- a community-first project
scaling platform that enables Polygon, will be the bedrock ects are building custom and owes its success to the
developers to build scalable of this next stage in the Web’s blockchains from scratch. In ecosystem of early believers,
DApps (decentralised apps) evolution,” said Polygon co- the near future, Polygon developers and stakeholders.
with low transaction fees founder Sandeep Naiwal. Avail will deliver the general- This will not change. The
without sacrificing on secu- “Technological disruption purpose, scalable data avail- core team sees this invest-
rity. Jaynti Kanani, Sandeep didn’t start with Web2, nor is ability piece of the puzzle ment round as the tide that
Nailwal, and Anurag Arjun it going to end there. That’s and ZK solutions will make lifts all boats and a testament
co-founded why we are very network con- to the impor-
Polygon The current market excited to see gestion a thing The start-up is tance of com-
(formerly capitalisation of some of the of the past first building a complete munity in mak-
Matic) in 2017 Matic, which is the same firms that and then tackle suite of solutions that ing Web3 a
to solve the native crypto token of funded the pre- applications is similar to what reality,” it
problem of high Polygon, is $14.6 vious round of around privacy. Amazon Web Services added.
fees and slow billion – down 28 per innovation now “The plat- offers Web2 Ethereum’s
transactions on cent from its lifetime being our Web3 form of choice developers — a tool most pressing
the Ethereum high of $20.4 billion, vision,” the to build on the for every possible use question is how
blockchain. which it hit in Polygon team blockchain case and scaling at a to increase the
The current December 2021 said. today is click of a button network’s
market capitali- The start-up Polygon. capacity to han-
sation of Matic, which is the is building a complete suite Thousands of developers dle more transactions. The
native crypto token of of solutions that is similar to across a range of applications skyrocketing popularity of
Polygon, is $14.6 billion – what Amazon Web Services are choosing Polygon and new applications in decen-
down 28 per cent from its offers Web2 developers — a their complete set of scaling tralised finance (DeFi) and
lifetime high of $20.4 billion, tool for every possible use solutions for the Ethereum non-fungible tokens (NFTs)
which it hit in December case and scaling at a click of ecosystem,” said Shailesh brought with it congestion
2021. a button. For Web3, Polygon Lakhani, managing director and soaring fees. Polygon has
“Web3 builds on the early PoS already offers an execu- of Sequoia India. “This is an stepped in with a broad range
Internet’s open-source tion layer with low fees and ambitious and aggressive of scaling options and trans-
ideals, enabling users to high transaction throughput team, one that values inno- action rates that are among
create the value, control the secured by the Ethereum vation at its core. Sequoia the industry’s lowest.