[Funding alert] NFT startup Lysto raises $3M in seed round from BEENEXT and others

First-of-its-kind NFT startup Lysto on Thursday announced that it raised $3 million in seed round from BEENEXT, Better Capital, Cloud Capital and other investors, to democratise the global adoption of NFTs.

The round saw the participation of a stellar line-up of angel investors and entrepreneurs from the crypto and internet Industry, including Binny Bansal (co-founder, Flipkart), Sandeep Nailwal and Jaynti Kanani (co-founders, Polygon), Pradyumna Agarwal (Managing Director, Temasek), Nitish Mittersain (Founder, Nazara Technologies), Kunal Shah (founder, CRED), Ashish Hemrajani and Parikshit Dhar (co-founders, BookMyShow), Anupam Mittal (Shaadi.com), Ashish Gupta (founder, Helion Ventures), Kumar Sudarsan (founder, QwikCilver Solutions), among others.

According to the official statement, the fresh fund will be utilised in product development and will allow Lysto to invest in the expansion of its team that will help achieve its mission of furthering and simplifying the adoption of NFTs.

The company, which has offices in Bengaluru and Singapore, was founded in 2021 by a passionate team of believers in decentralisation and blockchain with rich experience in blockchain technology and the digital rewards space.

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“NFTs are becoming an integral part of business and culture. With its applications across industries, it is a multi-billion dollar industry, which is largely restricted to digital art and collectibles currently. As the market expands, we see that every e-commerce player, every production (entertainment, gaming, animation), and every brand would want to launch NFTs to raise funds and monetise their offerings,” said Sadiq Ahamed, Founder and CEO of Lysto.

Lysto is uniquely positioned to drive global adoption of NFTs as its APIs, tools and infrastructure enable anyone - from developers to creators to brands - with minimal or no knowledge of blockchain technology to reap the benefits of NFTs. With just a few clicks, any business or developer can integrate Lysto’s NFT solutions with their digital offerings, stated the company.

Commenting on the investment, Hero Choudhary, Managing Partner at BEENEXT added,

“We are very excited about partnering with Lysto as an infrastructure layer for NFT space. With its futuristic vision and scalability that allows global application across sectors, Lysto has an ambitious vision to democratising NFTs for every internet user in the world.”