ZYBER 365: An ‘AI + Web3 Unicorn’ With No Product

On July 25, 2023, a London and Ahmedabad-based web3 AI startup, ZYBER 365 Technologies, announced its ascension to the ranks of India’s unicorns, claiming the title of the country’s 109th unicorn after securing $100 Mn at a valuation of $1.2 Bn.

The Series A funding came from SRAM & MRAM Group, a UK-based diversified business group with a focus on futuristic tech and the sole participant in this round, while the initial seed round was funded by its founders and friends.

Notably, ZYBER 365 Technologies Ltd. was established by Pearl Kapur, the founder and CEO, and Sunny Vaghela, the cofounder and CPO, on May 3, 2023, in London. Subsequently, an Indian subsidiary by the name of Zyber 365 Technologies Private Limited was formally registered on July 20, 2023, in Punjab.

While the company refers to its India office in Ahmedabad, Gujarat, its registered office, as per the Ministry of Company Affairs, is in Hoshiarpur, Punjab.

The company’s strategic focus spans a diverse array of domains, including web3, AI, and cybersecurity, with an emphasis on Globalisation 3.0 and sustainability. With headquarters situated in London and operational roots firmly embedded in India, the company’s ambition is to establish India as the epicentre of its operations.

Commenting on the infusion of funds, Kapur expressed her pride in ZYBER 365’s tireless efforts in spearheading the development of a groundbreaking web3 AI ecosystem to drive Globalisation 3.0. The capital injection was poised to expedite the company’s expansion efforts and usher in a new era of value creation for its clientele.

At a cursory glance, achieving unicorn status within three months of incorporation is undoubtedly impressive. Among the notable Indian web3 and crypto startups that have the coveted unicorn tag are Coinswitch Kuber and CoinDCX.

However, it is worth acknowledging that both of these unicorns have established businesses over the course of more than five years, navigating through several ups and downs. Another blockchain unicorn 5ire, also backed by SRAM and MRAM Group, was set up in 2021 and turned unicorn a year later.

In contrast, ZYBER 365’s aspirations rest on forthcoming product launches. So far, the company has not introduced any product, not even in the alpha or beta stages. The only action taken has been the publication of a white paper.

The founder of the company, Kapur, is the director of three other companies — No Lines Retail Pvt Ltd, Billion Pay Technology Pvt Ltd and Brock Pharmaceuticals Pvt Ltd.

What’s more strange is that as per the UK filings, Kapur was born in 1997 and hence is currently around 26 years old. However, as per his company’s website (Brock Pharma), Kapur has more than two decades of experience across business and technical functions. The other cofounder, Vaghela, is said to be an ethical hacker and a cybersecurity expert.
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