Former ZebPay CEO Avinash Shekhar and WazirX cofounder Nischal Shetty joined forces to launch Pi42, a cutting-edge crypto-INR perpetual futures exchange poised to transform the Indian investment landscape.
Redefining Crypto Futures Trading
Pi42 emerges as a groundbreaking platform offering derivatives trading to Indian investors directly in Indian rupees, effectively eliminating conversion fees and tedious TDS procedures. Co-founder Shetty articulates, “Our mission with Pi42 is to furnish Indian investors, keen on alternative assets, with a seamless and contemporary crypto futures trading avenue, facilitating the pursuit of their financial objectives.”
Empowering Modern Investors
Co-founder Avinash Shekhar adds, “Our vision is to invigorate the industry for present-day investors, endowing them with a platform geared towards redefining financial autonomy through tax-efficient and regulatory-compliant trading options. We aspire for Pi42 to emerge as India’s premier and favoured crypto futures trading platform within the next 12 months.”
Innovation in Action: Features and Expansion
While the Android app is underway, Pi42 is set to roll out an iOS version soon. Additionally, the platform has already secured banking partners to streamline transactions. With global expansion in sight, Pi42 aims to tap into India’s existing pool of 30 million crypto investors within the next two to three years.
Navigating Taxation Challenges
The launch of Pi42 coincides with a pivotal moment in the Indian crypto landscape, marked by stringent taxation policies. Presently, users face a 30% tax on crypto income and a 1% TDS on transactions exceeding INR 10,000. These regulations, introduced in 2022, have catalyzed a downturn in crypto transactions, leading to layoffs and closures within the industry.
Entrepreneurial Continuity: Avinash Shekhar’s Journey
Pi42 represents Shekhar’s second entrepreneurial endeavor following his departure from ZebPay in September 2022. He previously founded TaxNodes in January 2023, focusing on simplifying tax computations and individual compliance. Shekhar emphasizes the synergies between TaxNodes and Pi42, foreseeing mutual benefits for users engaging in both platforms.
Future Prospects and Capital Expansion
As a bootstrapped venture, Pi42 anticipates raising capital in the forthcoming months, contingent upon market reception. The duo remains poised to gauge the platform’s performance and investor interest before pursuing further funding avenues.
Conclusion: Pioneering the Future of Crypto Trading in India
Pi42 stands at the vanguard of India’s evolving crypto landscape, offering investors unparalleled access to futures trading within a tax-efficient and compliant framework. With visionary leadership and a commitment to innovation, Pi42 aims to redefine financial freedom for Indian investors, heralding a new era in crypto investment opportunities.
-Prisha Jaiswal