Crypto exchange CoinDCX became India’s first crypto business to complete a Series D funding round, raising $135 million in support of various Web3 and crypto initiatives in the country.
The latest funding round resulted in CoinDCX doubling its valuation to $2.15 billion, which was led by Pantera and Steadview and saw participation from prominent investors including Kingsway, DraperDragon and Republic.
Existing investors such as B Capital Group — a venture capitalist firm from Facebook co-founder Eduardo Saverin — Coinbase, Polychain and Cadenza also joined in on the oversubscribed funding round to increase their investments in the crypto exchange.
According to the announcement, “education, innovation and compliance” are the key areas of focus for CoinDCX, in addition to spreading crypto and blockchain awareness among Indian investors.
Moreover, the crypto exchange has invested in risk management and compliance frameworks in an effort to enhance compliance with Financial Action Task Force recommendations.
In August 2021, the Mumbai-based crypto exchange became the first crypto unicorn from India when it reached a valuation of $1.1 billion after raising $90 million in a Series C funding.
At the time, CoinDCX CEO Sumit Gupta had shared plans to repurpose the funds to expand the crypto investor base and set up a research and development facility, among others.
With over $2 billion in valuation, CoinDCX has become the most-valued crypto company in India. Rival crypto exchange CoinSwitch Kuber became India’s second crypto unicorn back in October 2021, which currently holds a valuation close to half that of its forerunner.
Running parallel to CoinDCX’s attempt to strengthen India’s budding Web3 space, Coinbase Ventures, the investment arm of the United States crypto exchange Coinbase, announced a plan to invest $1 million in the region in early April.
Coinbase partnered with Builders Tribe to host an in-person pitch day, wherein over 100 crypto entrepreneurs attended to get funding for various crypto and Web3 initiatives.