CoinDCX joins the unicorn club after $90 mn fundraise

MUMBAI: CoinDCX, an exchange platform of private cryptocurrencies, on Tuesday announced a $90 million fundraise which values the company at over $1.1 billion, even as RBI’s concerns on private cryptocurrencies continue.

B Capital Group, founded by former co-founder of Facebook Eduardo Saverin, led the Series C funding in the company, which also saw participation from existing investors like Coinbase Ventures, Polychain Capital, Block.one, Jump Capital, an official statement said.

The round raised CoinDCX’s valuation to $1.1 billion (around ₹8,150 crore), making it the first Indian cryptocurrency exchange to reach the unicorn status (companies with over $1 billion valuation), it added.

The RBI has been voicing concerns about cryptos because of its unregulated nature, even as a Supreme Court ruling in 2020, had ruled in favour of such virtual currencies.

The company statement said the newly injected funds will be used predominantly to ensure “crypto awareness” across the length and breadth of India.

“The funds raised will be allocated to expand (bring more Indians to crypto/make crypto a popular investment asset class in India) and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives,” its co-founder and chief executive Sumit Gupta said.

The company also intends to partner with key fintech players to expand the crypto investor base, set up a Research & Development facility, strengthen “policy conversations through public discourse” and work with the “government to introduce favorable regulations”, he added.

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

THE ROUND RAISED COINDCX’S VALUE TO $1.1 BN, MAKING IT THE FIRST INDIAN CRYPTO EXCHANGE TO REACH THE UNICORN STATUS