India now has its first crypto company entering the unicorn club
Cryptocurrency exchange CoinDCX is now India’s first and only crypto unicorn. CoinDCX has become India’s first crypto company to enter the unicorn club after a $90 million fundraise led by B Capital Group brought the company’s valuation to $1.1 billion.
What is CoinDCX?
CoinDCX is a cryptocurrency exchange that aims to become the most user-friendly and secure platform for traders. CoinDCX offers users a broad spectrum of digital assets and fiat currencies. The deal enables people to buy and sell crypto tokens and offers other crypto-based financial products such as lending. CoinDCX prides itself on its impeccable customer service and fair trading practices. The platform provides many ways to deposit and withdraw funds, including bank wires, credit cards, PayPal, SEPA transfers, local bank transfers, and even cash deposits at their offices in Delhi.
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has onboarded more than 3.5 million users, having doubled its userbase in the last two months. In the coming months, CoinDCX will launch the CoinDCX Prime initiative, which will be its latest offering in the high net worth individuals (HNI) and enterprise space. It also plans to launch CoinDCX’s global trading product, Cosmic.
CoinDCX becomes the first crypto company in the country to join the unicorn club, and CoinDCX becomes the first crypto company in India to join the unicorn club https://t.co/fGIwEz6ZlO
— Businesshala (@businesshalausa) August 10, 2021
$90 million fundraise
Cryptocurrency exchange CoinDCX has raised $90 million (or Rs 668 crore) in its Series C round. The B Capital Group led the funding, founded by Facebook co-founder Eduardo Saverin. According to a senior company executive, existing investors are Coinbase Ventures, Jump Capital, Polychain Capital, and Block. Also participated in the round.
Sumit Gupta, co-founder, and CEO of CoinDCX said that the funds would be used for customer awareness campaigns, strengthening the team, and new business initiatives. He added that CoinDCX plans to partner with fintech startups to expand the crypto investor base and set up a research and development facility.
The Unicorn Club
With the funding, the company is now valued at $1.1 billion, making it the latest entrant to the unicorn club, i.e., those startups with a valuation of $1 billion or more. This year, India has added 21 startups to the list of unicorns. CoinDCX is now the first crypto company in India to attain unicorn status.
In an interview with YourStory, CEO Sumit Gupta said if we get a positive conducive environment for crypto, in the next 2-3 years, we’ll see many new unicorns coming from India.
Investments in the crypto business
Mainstream interest in crypto platforms has risen in India this year. According to investors, crypto exchanges are lucrative investments due to the highly profitable nature of the business. International investors with experience in dealing with an uncertain regulatory environment in other countries and industries are not shying from investing in the cryptocurrency business in India, even as most Indian funds adopt a cautious approach.