CoinDCX Becomes Highest Valued Crypto Company in India With Series D Funding

Crypto exchange CoinDCX has raised over $135 million in Series D funding. With this, CoinDCX has doubled its valuation to more than $2 billion in just eight months as the company looks to aggressively expand its base among crypto investors in India. 

The Series D funding was led by Pantera and Steadview with strong participation from Kingsway, DraperDragon, Republic, and Kindred. Existing investors like B Capital Group, Coinbase, Polychain, and Cadenza too reposed their faith to support the growth of crypto/web3 industry in India.

CoinDCX said it has now become the highest valued crypto company in India after this round. The Series D funding has come just weeks after the new crypto taxation rule - 30 per cent on the income — came  into effect. The rule has significantly impacted trading volumes in the country.

The startup, which became the first Indian crypto firm to attain the unicorn status last year with 10 million users, carried out the Series C funding in August 2021, following which its valuation was pegged at $1.1 billion. A big part of its success lies in its strategy to allow investors to buy tokens for as low as Rs 100. It has also expanded its business to offer margin trading and allows users the option to stake digital assets.

Sumit Gupta, co-founder and CEO, said CoinDCX sees this round of funding "as a strong endorsement" of their work for the crypto ecosystem" in India over the years. 

“We are on a mission to build a greater understanding and trust between regulators, industry, and our users. This latest round of funding will help us accelerate the growth of Crypto adoption in India and further the march of Web3.0,” he tweeted.

CoinDCX said it aims to increase the number of its employees to over 1,000 by the end of this year.