New Delhi: India’s crypto unicorn CoinDCX is raising $135 million at a $2.2 Billion valuation from venture capital funds led by Pantera Capital and Steadview Capital Management LLC., according to a company statement.
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In the latest round of funding the company broke all records company raise funds directly at double valuation at $2.2 billion, making the Coinbase Ventures-backed exchange the highest valued crypto firm in India, as said co-founder and Chief Executive Officer Sumit Gupta. Other investors in the financing include Kingsway, DraperDragon, Republic, and Kindred along with existing backers B Capital Group, Coinbase, Polychain, and Cadenza, it said in the statement.
In July 2021, CoinDCX had raised funds from Coinbase Ventures and B Capital at a $1.1 billion valuation, which catapulted it into the unicorn club of privately held startups valued at $1 billion or more.
CoinDCX’s India Entity’s Profit Jumps 9X To INR 4Cr+ in FY21
CoinDCX Growth
CoinDCX, founded in 2018 by Sumit Gupta and Neeraj Khandelwal, helps people buy and sell crypto tokens. It also offers other crypto-based financial products such as lending.
“These investors have been pretty much deep into the crypto space and they have seen it grow in other geographies,” Gupta, who is also the CEO of CoinDCX, told ET, in an exclusive chat while talking about the continued bullishness of VCs to invest in exchanges despite the uncertainties.
“High-quality investors don’t think of volume to judge how fast the business is growing, they take a bet on who is building the industry in the right direction,” he said. “Even though the volumes are at lower levels than in the past, in the long term, it doesn’t really matter. What matters is how we are making crypto mainstream…”
The trading exchange will use the funds to increase its headcount to over 1,000 by the end of next year from 400 now. It plans to hire across functions, to hire across functions, including engineering, product, and compliance.
CoinDCX’s user base has grown to 15 million registered users from 3.5 million in March 2022.
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