Blockchain development giant Brugu makes US$25 million windfall gains
A new found craze for NFT and metaverse coupled with a favourable regulatory environment and an increasing appetite for blockchain adoption have seen Brugu's growth skyrocket to new heights
HYDERABAD, India, April 1, 2022 /PRNewswire/ -- Brugu Software Solutions, one of India's fastest growing blockchain development and engineering companies, has announced a major boost in its annual revenue, thanks to a flurry of new business and strategic alignments with key clientele.
Brugu has hit a market capitalization of $28.5 million in the first quarter of 2022.
The company witnessed a threefold increase in the number of clientele during the past year thanks to massive adoption of DeFi in the financial sector, metaverse in gaming and Web 3.0.
"This has been the best year for us so far. We are banking on the exceptional growth of the blockchain and crypto industry being driven by an increase in the adoption of NFT and metaverse," says V.S. Kiran Paturi, CEO, Brugu Software Solutions.
As per a recent report by Fact.MR, the blockchain technology market is expected to register a CAGR of 84 per cent during the next ten years to touch US$ 3,273.83 billion by 2032. Separately, another report based on estimates compiled by Bloomberg using trading volume data indicates that about USD$3 million is being generated every day in profit alone by the top ten cryptocurrency exchanges.
"These are big numbers. The industry is all set to grow further following new regulatory guidelines and widespread use of blockchain technology," says Kiran.
Brugu offers end-to-end blockchain development solutions including blockchain technology consulting, development of dApps, smart contracts, blockchain wallets and decentralized exchanges, and tokenization.
Brugu has also entered into strategic alliances with some of its select clients. "We have initiated key agreements with select partners, where in addition to the development fee we also acquire stocks and participate in their growth journey," says Kiran.
"For one such client, we had a mandate to develop the smart contract system along with the token presale platform besides offering consultancy service prior to listing on various exchanges. It took them just three weeks to reach a market capitalization valuation of approximately $1 billion, making it the fastest-growing crypto project ever," added Kiran. This partnership, where Brugu holds a stake, along with new projects and associations is all set to catapult the company's market capitalization to US$200 million by the end of 2022.
"We are working on a new metaverse gaming project, which is in the advanced stages of completion. We are expecting a ten-fold increase in our growth by the end of the year," adds Kiran.
Brugu is also gearing up to achieve a valuation of US$1 billion by 2024.
About Brugu
Brugu Software Solutions Private Ltd is a Hyderabad-based blockchain development and engineering company enabling enterprises and start-ups in developing cryptocurrency and decentralized applications.
Brugu offers end-to-end blockchain development solutions including blockchain technology consulting, development of dApps, smart contracts, blockchain wallets and decentralized exchanges, and tokenization.
The company has more than 200 employees working from their offices in the southern Indian cities of Hyderabad & Madurai, and London.
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