India’s leading crypto exchange CoinDCX has raised over $135 million in a Series D funding round. This funding doubles the valuation of the company to $2.15 billion (post-money). This round was led by Pantera and Steadview with participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred, along with existing investors B Capital Group, Coinbase, Polychain, and Cadenza.
CoinDCX was the first Indian crypto startup to attain unicorn status. The company has raised more than $245 million to date. it boasts over 10 million users and lets users buy different cryptocurrnecy tokens.
The fresh funds will be used to hire more people across engineering, product, and compliance functions.
The company currently employs 400 people and plans to increase the workforce to 1,000 people by the end of the year.
The latest funding round comes at a time when crypto exchanges are facing new crypto taxation rules in India. This is a hard time because crypto companies are not getting co-operations from payments companies. The funding also confirms that global investors are still hopeful about India’s crypto market.
“The latest round by some of the largest institutional investors only reinforces the belief in India’s immense potential in the crypto ecosystem. With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future,” said Sumit Gupta, Co-Founder, and CEO, of CoinDCX.
CoinDCX also recently partnered with crypto-native trade surveillance and market integrity companies such as Solidus Labs and Coinfirm to improve its anti-money laundering protection.
