CoinDCX becomes India’s first unicorn, valuing at $1.1 billion
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.
CBW - External Analyst