Indian crypto exchange CoinDCX has raised $135.9 million from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in less than a year to become the most valued crypto startup in India.
In addition to Pantera Capital and Steadview Capital, the funding round also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures along with existing investors such as B Capital, and Coinbase Ventures, Polychain Capital, and Cadenza Capital Management.
CoinDCX was the first Indian cryptocurrency startup to be valued at over one billion dollars and marked its entry into the unicorn club. The company had raised $90 million in August 2021, at a valuation of $1.1 billion.
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It was soon followed and overtaken by rival crypto exchange Coinswitch Kuber, which raised $260 million in October 2021 at a valuation of $1.9 billion. Prior to CoinDCX’s latest funding, CoinSwitch Kuber was the most valued cryptocurrency exchange in India since October 2021.
In a series of tweet Neeraj the co-founder of CoinDCX said ”CoinDCX is now valued at $2.15 Bn. But I believe more in value creation rather than valuation. With this fresh money in the bank, we are going to focus on #technology #innovation, #education, and compliance for the blockchain and crypto tech”.
CoinDCX is now valued at $2.15 Bn. But I believe more in value creation rather than valuation. With this fresh money in the bank, we are going to focus on #technology #innovation, #education, and compliance for the blockchain and crypto tech.
— Neeraj, CoinDCX (@nrjkhandelwal) April 19, 2022
Sumit Gupta, the co-founder & CEO of CoinDCX said they’ll more focused on crypto adoption in India. He also mentioned about new technology upgradation specially on Web 3.0 and government compliance.
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.
— Sumit Gupta (CoinDCX) (@smtgpt) April 19, 2022
CoinDCX’s new funding comes weeks after Govt’s crypto taxation rule — 30% on the income — went into effect. The rule, which also includes a 1% tax deduction at source for each trading, has significantly impacted all crypto exchange’s trading volumes in the country, according to publicly available trackers1.
Sumit Gupta confirmed that CoinDCX has also been hit by the recent move, noting that the 1% TDS has made it somewhat less feasible for some high-frequency traders to go about their business. (Such traders make a large portion of the trading volumes.) “We continue to see new users come to the platform, but the growth is not as high as it used to be, say, two months ago,” he added.
CoinDCX plans to double down on its compliance efforts, he said. “We will do whatever it takes to give more comfort to the regulators,”