CoinDCX is India’s first crypto firm to raise $135 million in a Series D funding round to support different Web3 and crypto activities in the country.
Existing investors including B Capital Group, a VC firm founded by Facebook co-founder Eduardo Saverin, Coinbase, Polychain, and Cadenza all increased their stakes in the crypto exchange as part of the oversubscribed funding round.
CoinDCX doubles valuation
CoinDCX’s latest investment round, which was headed by Pantera and Steadview and included renowned investors such as Kingsway, DraperDragon, and Republic, resulted in the company’s valuation doubling to $2.15 billion.
CoinDCX’s primary areas of focus, according to the announcement, are “education, innovation, and compliance,” in addition to expanding crypto and blockchain knowledge among Indian investors.
Furthermore, in an effort to improve compliance with Financial Action Task Force standards, the crypto exchange has invested in risk management and compliance frameworks.
The first unicorn in India
After obtaining $90 million in Series C funding, the Mumbai-based crypto exchange became India’s first crypto unicorn in August 2021, with a valuation of $1.1 billion.
CoinDCX CEO Sumit Gupta had previously stated that the funds would be repurposed to grow the crypto investor base and establish a research and development facility, among other things.
CoinDCX has almost $2 billion in market capitalisation, making it India’s most valuable cryptocurrency company. CoinSwitch Kuber, a rival crypto exchange, became India’s second crypto unicorn in October 2021, with a valuation around half that of its forerunner.
Coinbase Ventures, the investment arm of American crypto exchange Coinbase, revealed a plan to invest $1 million in the region in early April, parallel to CoinDCX’s efforts to bolster India’s developing Web3 space.
Over 100 crypto entrepreneurs attended an in-person pitch day hosted by Coinbase and Builders Tribe to raise funds for various crypto and Web3 initiatives in the country.