CoinDCX tops $2 billion in valuation as investors pump in $135 million

CoinDCX has raised $135.9 million (about Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in just eight months to become the most valued crypto trading platform in India, The Economic Times reported on April 19.

Pantera and Steadview infused about half of the funds in the latest Series D financing round which also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures, the report said. So far, CoinDCX has raised over $245 million.

Moneycontrol could not independently verify the report.

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 including engineering, product and compliance, the report added.

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Launched in 2018, it’s the first Indian crypto start-up to attain unicorn status last year and has reportedly amassed over 10 million users. In addition to allowing users to buy various tokens for as low as 100 Indian rupees ($1.3), the exchange provides margin trading and the option to stake digital assets.

The latest funding comes against the backdrop of crypto exchanges facing new taxation rules in India. CoinDCX and its peers like WazirX and CoinSwitch Kuber have seen their volumes plummet to new lows this month due to restricted access to modes of depositing money for users.

Also Read: CoinSwitch disables all crypto purchase options on app including bank transfer

Over the last couple of weeks, the National Payments Corporation of India (NPCI) has distanced itself from crypto exchanges, while mobile payment wallet MobiKwik has cut off access to users, the report noted.

“Unified Payments Interface (UPI) is not available… but it is the easiest way for people to deposit fiat money to do crypto transactions, but that is a challenge right now... We are trying hard on how to bring back UPI access,” the report said quoting Sumit Gupta, co-founder and CEO of CoinDCX. “We are engaged in discussions with NPCI and relevant stakeholders on understanding the challenges and how we can solve those challenges and bring them back to normal.”