CoinDCX has grown to be a unicorn with its $90 million Series C round led by former Facebook co-founder Eduardo Saverin’s B Capital Group.
According to news reports, CoinDCX has allotted 2,243 preference shares to six investors to raise $90 million. Existing backer Polychain has spearheaded the round with $35 million followed by new investor B Capital which poured in $25 million. Block.one Investments has put in $21.1 million in the company with Coinbase, Uncorrelated Fund and Jump Capital bringing in the remaining amount.
It has been estimated that the company has reached a post-money valuation of $1.1 billion. Thus, even as Binance-owned WazirX is on the verge of becoming a unicorn, CoinDCX becomes one of the fastest startups from the cryptocurrency space to attain the feat.
Following the fresh allotment of shares, CoinDCX’s promoters - Neeraj Khandelwal and Sumit Gupta - have diluted their collective equity in the company to 30.80%. Lead investor B Capital has acquired 2.38% in the company whereas existing backer Polychain has emerged as the largest stakeholder in the company with 19.50%.
CoinDCX has raised $109 million to date. Besides WazirX, the company also counts ZebPay and CoinSwitch Kuber as its direct competitors.
