Unocoin, a bitcoin company based in Bangalore, India, has raised $1.5 million in its pre Series-A round. Blume Ventures, Mumbai Angels, Digital Currency Group and others were some of the Indian companies that invested in Unocoin, according to a press release.

Unocoin is attempting to serve the underbanked in India by providing bitcoin services. Half of the country's residents are unbanked and 95 percent of them do not have credit cards, according to Simon Dixon, CEO of Bank to the Future, an investor of Unocoin.

"We started this company with the mission to bring bitcoin to billions. Bitcoin opens up a world that simply wasn’t possible before.  When we got started four years ago, we saw a once in a lifetime opportunity to build out a secure platform for people to easily access bitcoin," Sunny Ray, co-founder and president of Unocoin said in the release. "In the future, we believe that bitcoin has the potential to take market share from gold, substantially reduce the cost of remittance and potentially bank the unbanked."