Crypto trading platform CoinDCX has raised $135 million in its Series D round of funding led by Pantera and Steadview. The funding round witnessed strong participation from Kingsway, DraperDragon, Republic and Kindred, in addition to the company’s existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza. The latest injection of capital makes CoinDCX the highest valued crypto company in India.
The fresh funds will be utilized by the company to expand its talent pool apart from creating awareness and educating Indian investors on Crypto and blockchain. CoinDCX plans to start an innovation centre to further Web3 and Blockchain adoption in the country.
“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, in a statement.
He added that CoinDCX was uniquely positioned to help in creating a better understanding and trust between regulators, industry and the users, ultimately helping accelerate the growth of Crypto adoption in India and further the march of Web3.0.
CoinDCX aims to triple its talent pool to over 1,000 employees by the end of 2022 through its various outreach programmes, research initiatives and strategic investments.
Speaking on the funding, Paul Veradittakit of Pantera said that his company has been among India’s early and active backers and believed that it will eventually emerge as the global leader in the Web 3 space.
In its previous funding round in August last year, CoinDCX had raised $ 90 million at a valuation of $1 billion. The round of funding led by B Capital Group, founded by former co-founder of Facebook Eduardo Saverin, made CoinDCX the first Indian unicorn startup in the cryptocurrency space.
In February this year, CoinDCX became the first crypto trading platform in India to cross the mark of a 1-crore user base. Launched in 2018, CoinDCX was among the first such platform to enter the Indian market. While the company’s growth remained slow in the first two years of business, it recorded a stellar growth in 2021 acquiring more than 98 lakh users in the year.