- Avinash Shekhar and Nischal Shetty launched Pi42, a crypto-INR perpetual futures exchange in India.
- Pi42 aims to become India's largest crypto futures trading platform, targeting global expansion.
- Launch coincides with challenges in the Indian crypto market, including heavy taxation and closures.
Former ZebPay CEO Avinash Shekhar and WazirX cofounder Nischal Shetty have joined forces to create Pi42, a crypto-INR perpetual futures exchange. The goal of Pi42 is to provide Indian investors with a modern and convenient crypto futures trading opportunity, helping them achieve their financial goals.
The founders aim to make Pi42 the largest and most popular crypto futures trading platform in India within the next year.
The platform also has global expansion plans and aims to attract 30 million Indian crypto investors over the next few years. This launch comes at a time when the Indian crypto market is facing heavy taxation, resulting in a decline in transactions and the closure of some startups.
"We expect the level of compliance to increase from now on. I believe that both businesses will complement each other, as people who use TaxNodes will also engage in futures trading. Similarly, those who trade on Pi42 will need to file their taxes," he explained.
Currently, the startup is self-funded. However, the duo plans to raise more capital in the upcoming months, depending on the market response to the platform.
Edited by Shruti Thapa