Indian cryptocurrency exchange CoinDCX announced on Tuesday a $135 million Series D funding round. The company’s valuation in the new round has nearly doubled to $2.15 billion from $1.1 billion in August 2021.
Co-founder and CEO of Sumit Gupta announcement the news on Twitter, saying he was “delighted to share that CoinDCX raised over $135 million in our most recent Series D funding round.”
The company said it plans to invest the money in expanding its product offering, increasing its talent base, and focusing on compliance issues. CoinDCX currently employs about 400 people, which it wants to increase to 1,000 by the end of the year.
Led by Steadview and Pantera, which provided nearly half of the funds, the new round has had major participation from DraperDragon, Kingsway, Republic and Kindred Ventures. Existing investors B Capital, Coinbase Ventures, Polychaincap and Cadenza also increased their allocations in CoinDCX.
“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,” said Sumit Gupta.
Most Popular Indian Crypto Firm
With this cycle, CoinDCX has become the most valuable crypto company in India, the exchange said in a blog post on its site.
In August last year, when CoinDCX raised $90 million in Series C funding led by B Capital, it was valued at $1.1 billion, making it the first unicorn in the Indian crypto space. With over 10 million users, CoinDCX provides buying, margin trading, and staking of digital assets.
In November 2021, Neeraj Khandelwal, co-founder and CTO, revealed that the startup plans to go public as soon as possible. CoinDCX also made headlines around the same time for listing the Shiba Inu (SHIB) meme coin on its platform. This came after Shiba Inu briefly topped the charts as one of the most traded coins and reached a new all-time high.
Focus on Regulatory Compliance
In a series of tweets following the announcement of the latest funding, Gupta tried to address the current impasse that the Indian cryptocurrency market is witnessing by saying:
“We are on a mission to build 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 continue the march of Web3.0.
The funding for CoinDCX has come at a time when Indian crypto exchanges are witnessing a sharp fall in transaction volume due to the denial of instant electronic retail payments through UPI.
