Indian Crypto Exchange CoinDCX Raises Over $135M in New Funding Round

The raise brings CoinDCX's valuation to more than $2 billion, said co-founder and Chief Executive Sumit Gupta.

Apr 19, 2022 at 8:19 a.m. UTC

Updated Apr 19, 2022 at 2:46 p.m. UTC

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

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Indian crypto exchange CoinDCX raised over $135 million in Series D funding, the co-founder and CEO, Sumit Gupta wrote in a Twitter post. The funding increases CoinDCX's valuation to $2.15 billion from $1.1 billion following Series C funding in August 2021, Gupta said.

"The round was led by Pantera Capital and Steadview Capital Management with strong participation from prominent investors like Kingsway, Draper Dragon, Republic, and Kindred," Gupta said.
The funding round also saw existing investors such as B Capital Group, Coinbase (COIN), Polychain and Cadenza increasing their investments in CoinDCX. Coinbase also launched trading in India earlier this month.
CoinDCX did not immediately comment about raising funds at a time when India's trading volumes have plummeted after the one-two punch of a new tax law and Coinbase's launch gone wrong with some payment processors dropping exchanges.
The exchange also said it has "recently partnered with crypto-native trade surveillance and market integrity leaders such as Solidus Labs and Coinfirm, to strengthen its anti-money laundering protection, and to provide precise and holistic detection and reporting into suspicious activities."
CoinDCX intends to nearly triple its talent pool by the end of the year. "Currently, we stand at 400 employees and we will have about 1,000 by the year-end," according to a company statement.

UPDATE (April 19, 10:02 UTC): Adds quotes from official spokesperson.

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