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Sumit Gupta (right) and Neeraj Khandelwal, cofounders, CoinDCX
Cryptocurrency exchange CoinDCX becomes India’s first cryptocurrency company to enter into the unicorn club. The company has raised about Rs 668 crore ($90 million) from investors led by Facebook co-founder Eduardo Saverin’s B Capital in its Series C round.
The company was valued at $1.1 billion after the funding round. With this CoinDCX has entered the elite club of unicorns. Other existing investors who participated include Coinbase Ventures, Polychain Capital, Block.one, Jump Capital.
The co-founder Sumit Gupta has said that the funds raised will be utilised in the company’s new business plans, marketing initiatives and further strengthening the team. It has also kept Rs 10 crore for education endeavours across platforms. Expansion of team is also on the cards.
CoinDCX was founded in 2018 by Sumit Gupta and Neeraj Khandelwal to create a platform where people can buy and sell crypto tokens. It also offers other crypto-based financial products such
as lending.
The company also plans to launch the CoinDCX Prime initiative in the coming months, according to a report in The Economic Times. This will cater to the wealthy individuals, HNIs, and enterprise space, in offering financial products. It will also make CoinDCX’s global trading product- Cosmex accessible on the platform.
CoinDCX has 3.5 million users and has more than doubled its user base in the last two months.
The exchange competes with Binance-owned WazirX, which has over 7 million users and other crypto exchanges like ZebPay.
“We have a very tech-savvy population, good mobile penetration, big base of engineers and developers who can leverage blockchain technology,” Sumit Gupta said.
“India will produce more than 100 crypto unicorn start-ups in the next few years once regulation is firmed up,” Gupta added.
Despite the volatility of cryptocurrencies, there has been a huge interest in them. With the absence of a regulatory framework, international investors are placing their bets on the cryptocurrency business in India.