NFT startup Tegro raises seed funding from Polygon at valuation of $100 mn

Tegro, an NFT-20 Exchange co-founded by former co-founder of crypto exchange WazirX, Siddharth Menon, and founder of fitness startup OGA Fit, Ashish Rawat, has raised seed funding at a valuation of $100 million from Polygon Ventures and other private investors.

In a press release, the company said that the Tegro exchange enables bulk trading of non-fungible tokens (NFTs) across Ethereum, Polygon, and other EVM-compatible chains. Users can buy, sell, and trade NFTs on the platform for as low as $0.02.

Tegro supports the decentralised NFT-20 protocol, which enables users to set up and manage decentralised markets for NFTs. These markets provide liquidity services, pricing, and order matching, empowering users to track portfolios and monitor the value of their NFTs.

"Our ultimate mission is to onboard 100 million users into the world of NFT trading through Tegro exchange. Tegro envisions a future where NFTs are easily tradable by traders worldwide," said Ashish Rawat, co-founder and chief operating officer (COO) at Tegro.

Shreyansh Singh, head of investments at Polygon Ventures, said, "By expanding liquidity between 15 cross-chain NFT markets, Tegro offers NFT traders the same level of convenience and simplicity as fungible tokens. We're thrilled to back Tegro and believe that it will revolutionize the global NFT market by making it as fast, cost-efficient, and seamless as possible."

In the first month of Tegro's operations, notable gaming projects, such as CropBytes, MetaStar Strikers, and MetaSaga Warriors, saw up to a 100x increase in their trading volumes on the platform. During this period, Tegro also surpassed daily volumes of $75,000.

In the coming months, Tegro is expected to announce some "big partnerships" and a "massive airdrop campaign" for the community.

"Furthermore, Tegro is constantly exploring innovations in the NFT trading space to provide traders with cutting-edge tools and technologies to enable NFT trading for all," the company said.