CoinDCX raises $135 million in Series D funding led by Pantera Capital, others
Crypto trading and exchange platform CoinDCX has raised $135 million in its Series D funding round led by Pantera Capital and Steadview Capital along with participation from new investors, including Kingsway, DraperDragon, Republic, and Kindred.
Existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza also participated in the current round, the company said in a statement on Tuesday.
The latest round into the startup has reaffirmed the global investor sentiment in India’s crypto and web3 segment. With this round, CoinDCX becomes the most valued crypto startup in India at a $2.15 billion valuation (post-money). To date, the startup has raised around $244 million in funding from investors including the current round.
The large funding for the startup comes at a time when investors have been bullish on the crypto and web3 segment. Recent reports indicate that the web3 startups have climbed to the top three most funded categories among early-stage funding deals. A report by consulting firm Bain & Company showed that Web 3.0 and crypto/ blockchain-based technologies saw at least 40 early-stage deals that crossed $500 million in overall funding volume in CY21.
Founded in 2018 by Neeraj Khandelwal, Sumit Gupta, CoinDCX offers users access to a diverse suite of crypto-based financial products and services that are backed by risk and insurance protection. On risk management and compliance frameworks, CoinDCX has partnered with crypto-native trade surveillance and market integrity providers such as Solidus Labs and Coinfirm, to strengthen its anti-money laundering protection.
To support its vision of building India’s crypto and web3 ecosystem, CoinDCX also aims to triple its talent pool to over 1000 employees by the end of 2022. The start-up also aims to nurture local talent through its various outreach programs, research initiatives, and strategic investments.
“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, CoinDCX.
“We are thrilled to see CoinDCX scale to become one of the leading crypto platforms in the country. They have added new retail and institutional products critical to the crypto infrastructure in India. In the process, CoinDCX has become the gateway to the Web3 space for new crypto users. We are excited to deepen our partnership with Sumit, Neeraj and the exceptional team at CoinDCX on their journey to shape India’s crypto landscape,” added Kabir Narang, founding general partner of B Capital Group.