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The next crypto currency will come from India, the latest news report from CoinDesk shows.
Mahota textile company Mahota Technologies has raised $100 million in the first round of funding led by Sequoia Capital.
The investment was led by former Sequoias CEO Justin Klebanis and former Goldman Sachs executive Eric Rosengren.
The company, based in New Delhi, India, already has over 100 employees.
Mahuta is developing textiles with textiles from other companies and is developing a blockchain technology that could facilitate transactions in its products, according to a statement from the company.
MahOTA has launched its textile business in India in 2017.
The textile market is growing, according the company, which is focused on making textiles for apparel, footwear and home products.
“Textiles are growing at an amazing rate and we believe it is a big opportunity to take advantage of the technology and create a sustainable, low-cost manufacturing model,” said the company in the statement.
It is targeting to create 1 million units of the textile product in the next five years.
The new investors will continue to invest in Mahota in the form of debt, the statement said.
Mahuka is currently seeking funding in order to develop its blockchain technology and its next-generation textile products.
The startup has already raised a total of $1.2 million in funding from Sequoies, Goldman Sachs, Goldman Global Asset Management, UBS, Union Bank of India, State Bank of New York and Fidelity Investments.
It has already signed a Memorandum of Understanding with Mahora to collaborate on a blockchain-based project.
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