certify
Home arrow Article arrow Article Detail

Report - Indian Crypto Exchange CoinDCX is planning to raise $100-200 million

Profile Image

Indrani bose Follow

INDIA

Jul, 30 2021

Jul, 30 2021

likes 0 | comments 0

Article Image

Indian Cryptocurrency exchange platform CoinDCX, as per report, is about go for raising fund of $100-200 million from investors led by Facebook Cofounder Eduardo Saverin’s B capital group in a financing round.



In this fundraising round, the existing investors Polychain Capital and Coinbase Ventures will also participate. This step will make its valuation push above $1 billion. Thereby making it the first crypto exchange to enter India’s unicorn club. Being an aggressive advertising campaign on social media and television CoinDCX is planning to use the raised capital in increasing customer acquisition. As per a source told to publications about CoinDCX “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,”.


The company CoinDCX, being founded in 2018 by Sumit Gupta and Neeraj Khandelwal has user base increased 700 percent since March 2020. In June 2021 the cryptocurrency exchange platform had 1.5 million registered users.

Earlier fundraising round by CoinDCX

In December 2020, CoinDCX had raised $13.9 million in a Series B funding round that includes investors like Block.one, DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack. Further, $19.4 million was raised across three rounds in the same year.


Other crypto company who are raising funds

In the beginning of this year, CoinSwitch Kuber, crypto platform went for fundraising form New York-based venture fund Tiger Global and raised $25 million at a valuation of $500 million.


Other crypto company who are trying to change the game

One of India’s prominent exchange WazirX, has declared its development plan to move to decentralised exchange without the need for an intermediary organization to clear transactions.


What is Unicorn?

A Unicorn is a privately held firm that has a valuation greater than $1 billion.


likes 0 Likes | comments 0 Comments

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.