- CoinDCX is now valued at $2.15 billion after raising $135 million.
- It plans to use this funding to hire across functions, including engineering, product and compliance.
- CoinSwitch Kuber was the most valued cryptocurrency exchange in India since October last year.
Cryptocurrency trading exchange CoinDCX has once again retained the top spot in terms of valuation in its category. It is now valued at $2.15 billion after raising $135 million (about ₹1,000) crore, the four-year-old company announced on Tuesday.
CoinDCX was the first Indian cryptocurrency startup to be valued at over one billion dollars and marked its entry into the unicorn club. The company had raised $90 Mn (INR 670 Cr) in August 2021, at a valuation of $1.1 billion.
It was soon followed and overtaken by Coinswitch Kuber, which raised
$260 million in October 2021 at a valuation of $1.9 billion. Prior to CoinDCX’s latest funding, CoinSwitch Kuber was the most valued cryptocurrency exchange in India since October 2021.
Founded by Sumit Gupta and Neeraj Khandelwal in 2018, CoinDCX allows people to buy and sell crypto tokens. It also specializes in crypto-enabled financial services such as lending.
The four-year-old startup currently has a user base of 12 million registered users, representing a four-fold increase from 3.5 million users registered till August last year.
The company has raised close to $250 million to date, according to business intelligence platform Crunchbase. It is backed by Facebook co-founder Eduardo Saverin’s B Capital Group and Coinbase Ventures.
The funding round was led by Pantera Capital and Steadview Capital, which have infused nearly 50% of the capital raised in this round. The other half was invested by prominent investors such as Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.
Existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management also participated in this round.
The Mumbai-based company plans to use a part of this funding to hire across several verticals, including engineering, product and compliance. The company has a workforce of 400 at the moment, which it plans to increase to
1,000 by the end of this year.
It also intends to invest in education and build an innovation centre to develop products in the Web3 space.
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