Mudrex
- Company typePrivate
- Founded2018
- HeadquartersBengaluru, India
- Headcount51–100
- GTM typeB2B and B2C
- OfferingSoftware
Mudrex firmographics
Firmographics- Name
- Mudrex
- Legal name
- Mudrex Inc.
- Website
- https://mudrex.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
Mudrex industry classification
Industry- Product category
- Cryptocurrency Exchange
- NAICS
- Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Centralized Crypto Exchanges (CEX) (FSAPADAA)
- akta.pro secondary industry
- Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)
Keywords
Where Mudrex is headquartered
LocationHeadquarters
- HQ city
- Bengaluru
- HQ country
- India
- HQ region
- Asia
Offices3 records
Markets served
Mudrex business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Spot Trading Fees: Percentage-based trading fees on crypto spot transactions. Fee tiers range from 0.12% to 0.45% based on 30-day trading volume (Alpha VIP program). Lower fees for higher volume traders.
- Futures Trading Fees: Fees on perpetual futures contracts with both USDT and INR margin options. Fee tiers from 0.030% to 0.05% based on 30-day futures volume.
- Crypto Withdrawals: 2% processing fee (minimum $0.5) on cryptocurrency withdrawals to cover blockchain network costs
- OTC/Prime Services: Premium over-the-counter services for institutional clients with zero transaction fee but tighter spreads and dedicated support
- Web3 Trading Fees: 1.5% fee on Web3 buy/sell transactions plus dynamic gas fees and 1% TDS on net consideration for sell transactions
- Coin Sets Management: 0.25% to 1% rebalancing fee for Coin Sets management; no fees for invest/redeem operations
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Non-Alpha tier for spot trading |
| Transaction based/ take rate | Pay-as-you-go | Alpha 1-2 tiers |
| Transaction based/ take rate | Pay-as-you-go | Alpha 3-4 tiers |
| Transaction based/ take rate | Pay-as-you-go | Alpha 5-6 / VIP tiers |
| Transaction based/ take rate | Pay-as-you-go | Futures trading fees |
| Transaction based/ take rate | Pay-as-you-go | Crypto withdrawal fee |
| Unit Pricing | Pay-as-you-go | SIP minimum investment |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Mudrex product offering
Product offeringCore offering
Mudrex is an INR-native cryptocurrency exchange platform that enables users to buy, sell, and trade 650+ crypto assets, perpetuals futures, and themed crypto baskets via mobile apps, web, and API. It serves Indian retail investors with UPI/bank transfers and zero INR deposit fees, and serves institutions through a white-glove OTC desk (Mudrex Prime) and pro algorithmic trading API.
Product overview
Mudrex is a multi-product cryptocurrency trading platform offering a comprehensive suite of services for Indian crypto investors. The core platform provides spot trading of 650+ cryptocurrencies with INR support via UPI and bank transfers. The product portfolio includes: Mudrex Futures for perpetual contracts with up to 100X leverage and INR-margined trading; Coin Sets for theme-based diversified crypto baskets with automatic rebalancing; Mudrex Prime for institutional OTC services; and Mudrex API for professional trading solutions. Additional offerings include Crypto SIP for systematic investment, Crypto Tax Calculator powered by KoinX, Crypto Fear and Greed Index, and Crypto Returns Calculator. The ecosystem also includes Saber for stablecoin-powered on/off-ramps, and newer features like tokenized US stocks and commodity futures. The platform is FIU-compliant with ISO 27001 and SOC 2 Type II certifications.
Differentiator
Problem solved
Functional benefit
Brands
- Saber: Stablecoin-powered on-ramp/off-ramp services for cross-border payments
- Mudrex Prime
Products and services
- Mudrex Spot Trading Platform India's leading cryptocurrency trading platform enabling users to buy, sell, and trade over 650 cryptocurrencies with INR support, deep liquidity, and fast execution.
- Mudrex Futures Perpetual crypto futures trading offering 600+ contracts with up to 100x leverage, supporting both INR and USDT margins, real-time P&L tracking, and built-in risk controls.
- Coin Sets
Quantifiable outcome
- 3 million+ users trust Mudrex for crypto trading
- +5 more outcomes
Companies that use Mudrex
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Mudrex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability2 records
Feature5 records
Mudrex partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- TokenIQ/Crypto CarnivalminorMudrex participated as Bronze Partner at TokenIQ crypto carnival in Bengaluru, a Web3 and crypto event for traders, developers, and investors.
- TetherminorPanel discussion at India Blockchain Week 2025 on stablecoins for remittances and cross-border payments. Tether's USDT has 500M+ users and $185B market cap.
- Saber (Stablecoin Payments)coreSaber provides stablecoin-powered on-ramp/off-ramp infrastructure enabling seamless USDT conversions. Part of Mudrex ecosystem for cross-border payment settlement.
Scale indicators13 records
Recent moves6 records
Expansion highlights6 records
Mudrex competitors and assessment
Company assessmentDirect peers
- CoinDCX: India's largest crypto exchange by volume, offering spot, futures, staking, and INR on/off-ramps with FIU-IND registration. Directly competes with Mudrex across retail spot, futures, and institutional OTC in the same Indian market.
- WazirX: Popular Indian retail crypto exchange providing INR-based spot trading and P2P. Overlaps directly with Mudrex on Indian retail spot, futures, and INR liquidity, often cited as a primary alternative for Indian crypto traders.
- ZebPay: One of India's longest-standing crypto exchanges offering spot and INR deposits to retail and institutional clients. Competes with Mudrex on Indian retail spot and fiat on-ramp experience.
- CoinSwitch (Kuber): Indian retail-focused crypto investing app (CoinSwitch Kuber) simplifying INR-to-crypto buying for first-time investors. Direct overlap with Mudrex on Indian retail buying and beginner-friendly UX.
- Bitbns: Indian crypto exchange offering spot, futures, and INR markets to retail users, and one of the FIU-IND-registered domestic exchanges. Competes with Mudrex on Indian spot and futures with similar fee-tier structures.
- Giottus: Indian crypto exchange serving retail and institutional clients with INR spot and OTC services. Comparable to Mudrex across the Indian retail and HNWI OTC segments.
Broad incumbents
- Binance: Global CEX with the largest spot and futures liquidity worldwide and a previously dominant presence in India. Provides the same product categories as Mudrex (spot, futures, OTC) at much greater scale.
- Coinbase: U.S.-listed publicly traded CEX with full retail, institutional, and custody offerings. Competitor for global liquidity benchmarks and Indian HNWI/institutional clients; Mudrex Inc. is a Delaware entity with comparable ambitions.
- KuCoin: Global CEX serving retail and pro traders with extensive altcoin listings and futures. Often competes with Indian CEXs for advanced-trader flow and is a benchmark product/feature set comparable to Mudrex API.
- Bybit: Global derivatives-heavy CEX with deep futures liquidity. Comparable to Mudrex on derivatives product breadth (INR/USDT perpetuals, leverage, pro API) for India-bound retail and algorithmic trading flow.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Mudrex social profiles
Digital presenceMudrex compliance and trust
Trust signalCompliance6 records
Mudrex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mudrex leadership team
Management profileNumber of profiles
Profiles10 records
Mudrex subsidiaries and ownership
Company hierarchySubsidiaries1 record
Mudrex funding detail
Funding detailFunding overview
Funding rounds6 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mudrex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mudrex
What does Mudrex do?
Mudrex is an INR-native cryptocurrency exchange platform that enables users to buy, sell, and trade 650+ crypto assets, perpetuals futures, and themed crypto baskets via mobile apps, web, and API. It serves Indian retail investors with UPI/bank transfers and zero INR deposit fees, and serves institutions through a white-glove OTC desk (Mudrex Prime) and pro algorithmic trading API.
Is Mudrex a public or private company?
Mudrex is a private company. It is classified as venture growth investor backed and is currently operating.
When was Mudrex founded?
Mudrex was founded in 2018. It employs 51 to 100 people.
Where is Mudrex based?
Mudrex is headquartered in Bengaluru, India, in the Asia region.
How does Mudrex make money?
Six revenue lines are on record. Spot Trading Fees are the primary driver. The others are futures Trading Fees, crypto Withdrawals, OTC/Prime Services, web3 Trading Fees and coin Sets Management.
Who are Mudrex's main competitors?
Direct peers on record are CoinDCX, WazirX, ZebPay, CoinSwitch (Kuber), Bitbns and Giottus. Broad incumbents are Binance, Coinbase, KuCoin and Bybit.
Does Mudrex have an API?
Yes. Mudrex API enables custom futures trading solutions for developers and traders. The API provides access to futures trading functionality with deep liquidity, fast execution, and lowest fees in India. Developers can generate API keys and integrate with their systems or trading bots. The platform is FIU regulated and backed by Y-combinator, Nexus Venture Partners, Village Global, and Tribe. Developer documentation is at Not specified.
What industry is Mudrex in?
Mudrex's product category is Cryptocurrency Exchange. Its primary akta.pro industry code is FSAPADAA, Centralized Crypto Exchanges (CEX), with a secondary code of FSADAAAG, Crypto Custody & Exchange Wallet Services (Integrated). Its NAICS code is 523210 and its SIC code is 6200.