Crypto Exchange CoinDCX Raises Investment & Doubles the Valuation to $2.15 billion

CoinDCX, India’s most valuable crypto trading platform, has secured $135.9 million (about Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital, more than tripling its valuation to $2.15 billion in less than a year.

The money comes as cryptocurrency exchanges in India are subjected to new taxation restrictions. Due to limited access to depositing money for consumers, CoinDCX and its contemporaries, such as WazirX and CoinSwitch Kuber, have seen their volumes plunge to new lows this month.

Pantera Capital and Steadview Capital, according to the business, invested nearly half of the cash in the newest round, which also included Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.

Existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management all increased their stakes in the crypto exchange as part of the round.

CoinDCX acquired $1.1 billion in funding from Coinbase Ventures and B Capital in July 2021, catapulting it into the unicorn club of privately owned startups valued at $1 billion or more.

Sumit Gupta and Neeraj Khandelwal established CoinDCX in 2018 to allow individuals to purchase and trade crypto tokens. Other crypto-based financial solutions, such as loans, are also available.

According to Gupta, the corporation would invest in education and establish an innovation center to produce web3-related goods. DCX Venturing, the company’s corporate venture arm, has supported a number of firms in the web3 field, most recently Ethereum Push Notification Service.

From 3.5 million registered users in August of last year, CoinDCX now has 12 million users.