Indian crypto exchange CoinDCX doubles valuation to $2.15 billion
CoinDCX said it has raised over $135 million in Series D funding at a valuation of $2.15 billion, making it the most-valued crypto company in India.
The round was led by Pantera Capital and Steadview Capital Management, as well as prominent investors like Kingsway, Draper Dragon, Republic, and Kindred. To date, the exchange has raised $250 million from investors.
The round also saw returning investors such as former Facebook co-founder Eduardo Saverin’s B Capital Group, Coinbase Ventures, Polychain and Cadenza. They bankrolled the latest financing round to increase their stake in the Mumbai-based crypto exchange.
“Excited to share that CoinDCX has raised over USD 135 million, in our latest Series D funding round. Another step closer to our dream of making #crypto accessible to every Indian,” Chief Executive Officer and co-founder Sumit Gupta said on Twitter.
“We are on a mission to build a greater understanding and trust between regulators, industry, and our users. This latest round of funding will help us accelerate the growth of Crypto adoption in India and further the march of Web3.0,” he added.
CoinDCX turns unicorn
Gupta plans to use part of the funds to triple his team in the next six months to about 1,000 people by the year-end. The 30-year-old engineer set up CoinDCX four years ago as a registered company in Singapore. He also aims to expand its user base to 50 million from 3.5 million over the next few years and focus on educating Indian users on crypto and blockchain.
CoinDCX, which operates an aggregator of cryptocurrency trading services, claims to have versatile financial instruments and deep order books targeting a variety of trading use-cases.
In a year that is already a record-breaking year for crypto startup funding in India, CoinDCX managed to double its valuation in six months even as local authorities push back against crypto assets. In August 2021, it became the country’s first cryptocurrency unicorn after the exchange raised $90 million.
The latest investment comes at a time when the nation’s cryptocurrency exchanges are at a nascent stage, primarily due to regulatory uncertainties.
CoinDCX and other players are betting on global markets after most of their peers shut down operations after banks cut off access to local crypto exchanges. Those trying to survive the uncertain phase are exploring options, including crypto-to-crypto, P2P, and derivatives products.
