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CoinDCX plans to raise $100-120 million: Report

Facebook cofounder Eduardo Saverin's B Capital Group is likely to lead the investment in CoinDCX.

July 29, 2021 / 08:54 AM IST
CoinDCX was founded in 2018 by Sumit Gupta and Neeraj Khandelwal. (Image: Shutterstock)

CoinDCX was founded in 2018 by Sumit Gupta and Neeraj Khandelwal. (Image: Shutterstock)

Cryptocurrency exchange platform CoinDCX is in talks to raise $100-120 million, in a financing round that could value the company at over $1 billion.

Facebook cofounder Eduardo Saverin's B Capital Group is likely to lead the investment, The Economic Times has reported. Existing investors Polychain Capital and Coinbase Ventures are also expected to participate in the fundraising.

Also read: Why a cryptocurrency index is an oxymoron

Moneycontrol could not independently verify the story.

If CoinDCX is valued at over $1 billion, it would become the first cryptocurrency exchange to enter the unicorn club.

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CoinDCX, Polychain Capital, B Capital and Coinbase Ventures had not yet responded when contacted by The Economic Times.

Also read: Exclusive | Why govt has not listed Cryptocurrency Bill for Monsoon Session of Parliament

The company was founded in 2018 by Sumit Gupta and Neeraj Khandelwal. In December 2020, CoinDCX raised $13.9 million in a Series B funding round led by Block.one and included DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.

CoinDCX had 1.5 million registered users in June, with the user base growing 700 percent since March, the report said.

"The company might also look to grow inorganically by acquiring smaller exchanges in other markets, even as regulations of such exchanges continue to be fuzzy in India," a source told the publication.

The Indian government has not listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 during the ongoing Monsoon Session of Parliament.
Moneycontrol News
first published: Jul 29, 2021 08:54 am
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