CoinDCX raises $135 million, doubling valuation to $2.15 billion

economictimes.indiatimes.com:

Mumbai: Crypto trading exchange 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 less than a year to become the most valued crypto trading platform in India. The funding comes in the backdrop of crypto exchanges facingnewly introduced 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. According to the company, Pantera Capital and Steadview Capital infused about half of the funds in the latest round, which also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.

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The round also saw existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management increase their investments in the crypto exchange. In July 2021, CoinDCX had raised funds from Coinbase Ventures and B Capital at a $1.1 billion valuation,which catapulted it into the unicorn club of privately held startups valued at $1 billion or more. CoinDCX, founded in 2018 by Sumit Gupta and Neeraj Khandelwal, helps people buy and sell crypto tokens. It also offers other crypto-based financial products such as lending. “These investors have been pretty much deep into the crypto space and they have seen it grow in other geographies,” Gupta, who is also the CEO of CoinDCX, told ET, in an exclusive chat while talking about the continued bullishness of VCs to