CoinDCX nets $90 mn to become India’s first crypto unicorn

 CoinDCX nets $90 mn to become India’s first crypto unicorn

Cryptocurrency exchange CoinDCX said Tuesday it has raised $90 million (Rs 670 crore) in its Series C funding at a valuation of $1.1 billion, becoming the first crypto unicorn startup in India.

B Capital Group, founded by former Facebook co-founder Eduardo Saverin, led the funding round, CoinDCX said. Returning investors Coinbase, Polychain, Block.one and Jump Capital pitched in, too.

“This is a giant leap forward in our continuous efforts to create more advanced crypto-based products, simplify investing in cryptos, globalize our services, and keep expanding our team with the top talents in the industry,” the startup said.

CoinDCX was started in 2018 and is led by founders Sumit Gupta and Neeraj Khandelwal. It says that it now has 3.5 million users and that it aims to increase the number of 50 million.

Gupta, who is also the company’s CEO, said the company will use the funds to introduce more Indians to crypto trading, strengthen its workforce across multiple functions, and focus on new business initiatives. In addition, it will join hands with fintech players to expand the crypto investor base and set up a research and development facility.

CoinDCX had previously secured Rs 100 crore ($13.5 million) late last year in a Series B round led by blockchain software company Block.one. Previously, it had raised $3 million in its Series A funding round from Bain Capital Ventures, Polychain and HDR Group, the operator of cryptocurrency exchange BitMEX.

Cryptocurrency trading in India had suffered a jolt when the Reserve Bank of India banned such activities in 2018. However, the Supreme Court last year quashed the ban. This revived the fortunes of crypto platforms.

Overall, CoinDCX is the 22nd tech startup to enter India’s unicorn club this year. Other companies to achieve this milestone include upGrad, Mindtickle, BharatPe, OfBusiness, Droom, Cred, Pharmeasy, BlackBuck, BrowserStack, Gupshup, ShareChat, Meesho, Zeta and Moglix.

Sumit Upadhyaya

The Capital Quest