Coinbase backs India’s CoinDCX at $2.45 billion valuation

Coinbase Global has invested in Mumbai-based CoinDCX as the exchange operator seeks to deepen its exposure to India and the Middle East.

The investment is an extension of CoinDCX’s last fundraise, and once completed will give the firm a post-money valuation of $2.45 billion, according to a Wednesday statement. CoinDCX last raised capital in a $135 million round led by Pantera Capital and Steadview Capital Management in April 2022. At that time, investors had valued the company at $2.15 billion.

Global crypto players including Binance and Bybit are attempting to expand in India despite a punitive tax regime that has curtailed trading volumes. Coinbase itself registered with India’s Financial Intelligence Unit in March, paving the way for the company to offer services in the country.

The investment by Coinbase builds on the group’s prior investments in CoinDCX through Coinbase Ventures, the US company said in a blog post. Spokespeople for Coinbase and CoinDCX declined to specify the size of the investment.