Crypto exchange CoinDCX raises $135 million, doubles its valuation
Indian cryptocurrency exchange CoinDCX on Tuesday said it has raised more than $135 million in a new financing round, led by Steadview and existing investor Pantera.
The fresh capital infusion, which saw investments from Kingsway, DraperDragon, Republic, and Kindred, has catapulted the Mumbai-based crypto trading platform’s valuation to more than $2 billion, just eight months after it turned unicorn, it said in a statement.
It aims to use the funds to bolster its product offerings, and triple its talent base to 1,000 by the end of the year.
In August last year, CoinDCX, founded in 2018 by IIT Bombay graduates Neeraj Khandelwal and Sumit Gupta, had raised $90 million led by Facebook co-founder Eduardo Saverin’s fund B Capital, valuing it at $1.1 billion.
B Capital, along with other existing investors Coinbase, Polychain, and Cadenza, increased its investments in CoinDCX, making the exchange the country’s most valued crypto company.
“With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future," Sumit Gupta, CEO of CoinDCX, said. "With a wide array of products built for India, and the commitment to building compliant, simple, and safe solutions, we are uniquely positioned to help forge greater understanding and trust between regulators, industry, and our users, ultimately helping accelerate the growth of Crypto adoption in India and further the march of Web3.0.”
The fintech startup, which has 10 million active users and over 80 vetted coins, has so far raised $245 million. It allows investors to buy various tokens for as low as Rs 10 and provides the option of margin trading as well as crypto-lending.
“We are excited about investing in CoinDCX and have been impressed with its clear strategy, persistence, and execution capabilities. We are confident that CoinDCX’s innovative and compliant suite of products will lead both consumers and institutions into digital assets and web3,” Pantera’s Paul Veradittakit said.
