COINDCX is India’s first crypto unicorn

NEW DELHI/BENGALARU: COINDCX raised $90 million in a Series C funding round at a valuation of $1.1 billion, becoming the first Indian cryptocurrency exchange to achieve unicorn status amid regulatory uncertainty over crypto assets.

This round of funding was led by B Capital Group, founded by former Facebook co-founder Eduardo Saverin. Existing investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital also participated in the round.

The funds “will be used predominantly to further our ambition of ensuring that crypto awareness is spread to the length and breadth of India,” COINDCX said in a statement on Tuesday.

Sumit Gupta, co-founder and chief executive officer at COINDCX, said the exchange plans to partner with fintech startups to expand the crypto investor base and set up a research and development facility.

Founded in 2018, COINDCX has onboarded more than 3.5 million users.

In the coming months, COINDCX will be launching the COINDCX Prime initiative—its latest offering in the high net worth individuals (HNI) and enterprise space.

It also plans to launch Cosmex, Coindcx’s global trading product.

“India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only a few platforms provide the efficiency, security and compliance that investors have come to expect,” Gupta said.

COINDCX ranks among the top four crypto exchanges in India, the others being Wazirx, Coinswitch Kuber and Zebpay.

Coindcx’s unicorn status also comes at a time when the crypto industry in India has been facing a period of regulatory uncertainty.