CoinDCX raises $135Mn, doubling its valuation to $2.15Bn

Crypto trading exchange CoinDCX has raised $135.9 million in a funding round led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in less than a year to become the most valued crypto trading platform in India.

The trading exchange will use the funds to increase its headcount from 400 to over 1,000 by the end of next year. It plans to hire across functions, including engineering, product and compliance. CoinDCX helps people buy and sell crypto tokens along with offering other crypto-based financial products such as lending.

Kingsway Capital, DraperDragon, Republic Capital and Kindred Ventures also participated in the Mumbai-headquartered startup’s new funding. It also saw existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management increase their investments in the crypto exchange.

Sumit Gupta, CEO and Co-Founder of CoinDCX, said, “These investors have been pretty much deep into the crypto space and they have seen it grow in other geographies. High-quality investors don't think of volume to judge how fast the business is growing, they take a bet on who is building the industry in the right direction. Even though the volumes are at lower levels than in the past, in the long term, it doesn't really matter. What matters is how we are making crypto mainstream...”

He added that CoinDCX is also working to ramp up educating the retail investors and help contribute to broadening the local ecosystem. The startup will populate its eponymous app with educational content and byte-sized videos.

CoinDCX recently introduced a new plan that allows individuals to keep investing a certain amount every few days. The feature is aimed at helping people understand and build a habit of making long-term and disciplined investments. More than 100,000 individuals are already using the offering, which was unveiled late last month.