The latest funding round of CoinDCX at an amount of $90 million has made the firm valued at over $1.1 billion, now the firm stands as India’s first crypto unicorn.
CoinDCX, a private cryptocurrency exchange platform, announced a $90 million funding round on Tuesday, valuing the company at over $1.1 billion, despite the RBI’s continued worries about private cryptocurrencies.
The company’s Series C fundraising was led by B Capital Group, which was founded by Eduardo Saverin, a former co-founder of Facebook. Existing investors included Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital, according to an official release.
It stated that the investment increased CoinDCX’s valuation to $1.1 billion (about Rs 8,150 crore), making it the first Indian cryptocurrency exchange to achieve unicorn status (businesses valued at more than $1 billion).
Even if a Supreme Court judgement in 2020 found in favour of such virtual currencies, the RBI has expressed worries about cryptos like Bitcoins due to their unregulated nature.
The newly invested cash, according to the corporate statement, will be used primarily to promote “crypto awareness” across India.
“The funds raised will be used to expand (bring more Indians to cryptocurrency/make cryptocurrency a popular investment asset class in India) and strengthen our workforce to support our growth story; we will hire talent across multiple functions and focus on new business initiatives,” said Sumit Gupta, the company’s co-founder and CEO.
He also stated that the company plans to cooperate with key fintech companies to develop the crypto investor base, establish an R&D facility, improve “policy dialogues through public discourse,” and work with the “government to implement favourable rules.”
He claims that demand for cryptocurrencies and digital assets in India is growing “dramatically,” but that only a few platforms deliver the efficiency, security, and compliance that investors have grown to expect.
As it doubles down on product development, it will seek funding from the largest institutional backers in both the traditional and digital asset areas, he noted.
It also intends to enhance its product team in order to develop next-generation goods and launch client retention campaigns as it strives for a long-term growth rate, according to the statement.
The startup, which was formed in 2018, currently has 35 lakh customers and hopes to convert 5 crore Indians into cryptocurrency investors.
