Avinash Shekhar, former CEO of ZebPay, has teamed up with Nischal Shetty, cofounder of WazirX, to introduce Pi42, a crypto-INR perpetual futures exchange. This platform, tailored for Indian investors, offers derivatives trading in Indian rupees, aiming to eliminate conversion fees and TDS charges.
Coined as a modern avenue for Indian investors keen on alternative assets, Pi42 aspires to redefine financial freedom by providing a seamless crypto futures trading experience. With an impending Android app release and plans for an iOS counterpart, Pi42 has already secured banking partnerships to facilitate transactions.
The founders envision Pi42 becoming India's leading crypto futures trading platform within the next year, aiming to capitalize on the burgeoning Indian crypto investor base, which currently stands at 30 million and is projected to grow over the next few years.
The launch of Pi42 coincides with a challenging period for the Indian crypto market, grappling with stringent taxation policies. Presently, users face a 30% tax on crypto income and a 1% TDS on transactions exceeding INR 10,000, contributing to a decline in market activity and business closures within the crypto sector.
For Avinash Shekhar, Pi42 marks his second entrepreneurial endeavor post-ZebPay, following the launch of TaxNodes in January 2023, aimed at simplifying tax compliance for crypto transactions. Shekhar anticipates synergy between TaxNodes and Pi42, with users of both platforms likely to engage in tax compliance and futures trading.
Currently self-funded, Pi42 plans to evaluate market response before seeking additional capital infusion in the future. As the platform anticipates growth in compliance and user engagement, it remains poised to navigate India's evolving crypto landscape.