Report - Indian Crypto Exchange CoinDCX is planning to raise $100-200 million
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,”.
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.
CBW - External Analyst