CoinDCX becomes India’s first unicorn, valuing at $1.1 billion


On 10th
August, cryptocurrency exchange CoinDCX, becoming the first Indian unicorn,
confirmed that it has raised $90 million in a Series C funding round at a
valuation of $1.1 billion, amid regulatory uncertainty over digital asset.
Existing
investors such as Coinbase Ventures, Polychain Capital, Jump Capital and
Block.one also participated in the Series C funding which was led by Facebook
co-founder Eduardo Saverin’s B Capital Group. The company has raised $110
million from the investors in the latest round.
On
Tuesday CoinDCX stated that the funds “will be used predominantly to further
our ambition of ensuring that crypto awareness is spread over the length and
breadth of India.”
Co-founder
and CEO of CoinDCX Sumit Gupta said, “We will be joining hands or enter into
partnership with key fintech players to expand crypto investor base, set up a
Research & Development (R&D) facility, strengthen policy conversation
through public discourse.” He is also planning to use part of the funds to
double his team about 400 people in the next 6 months, where investments in
crypto grew roughly $6.6 billion in May than that of $923 million in April.
CEO
added, “In the coming months CoinDCX will also be launching the CoinDCX prime
initiative, its latest offering in the HNI and Enterprise space, providing
legally vetted and safe investments, as well as Cosmex, CoinDCX’s global
trading prouduct.”
CoinDCX’s
unicorn status ranks among the top four crypto exchange in India- WazirX,
CoinSwitch Kuber and Zebpay. Beside main exchange catering to retail investors,
it offers trading and lending services for enterprise customers, traders. The
company also has a blockchain academy for education and global trading platform.
Generally
all other crypto exchanges run profitable business models, making it
eye-catching for investors, while CoinDCX did not reveal its profit numbers or
income.

Joyashree Dey
CBW - External Analyst
INDIA