CoinDCX, a crypto and web3 company in India, announced it has doubled its valuation to $2.15 billion (post-money) in eight months following a fresh $135 million funding. Steadview and existing investor Pantera co-led CoinDCX’s Series D financing, the firm said.
Coinbase Ventures, Kingsway, DraperDragon, Republic and Kindred Ventures also participated in the startup’s new funding. To date, CoinDCX has raised more than $245 million.
The startup plans to double down on its compliance efforts, he said. “We will do whatever it takes to give more comfort to the regulators,” Sumit Gupta, co-founder and chief executive of CoinDCX said.
Sumit Gupta, Co-Founder, and CEO of CoinDCX said “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. With a wide array of products built for India, and the commitment to building compliant, simple, and safe solutions, we are uniquely positioned to help forge greater understanding and trust between regulators, industry, and our users, ultimately helping accelerate the growth of Crypto adoption in India and further the march of Web3.0.”
Kabir Narang, Founding General Partner of B Capital Group, said “We are thrilled to see CoinDCX scale to become one of the leading platforms in the country. They have added new retail and institutional products critical to the crypto infrastructure in India. In the process, CoinDCX has become the gateway to the Web3 space for new crypto users.”
Paul Veradittakit of Pantera said, “Pantera has been an early and active backer in India and believes that we are in the early innings of Web3 use cases exploding in the country to potentially make India one of the global leaders in the Web 3 space. We are excited about investing in CoinDCX and have been impressed with its clear strategy, persistence, and execution capabilities. We are confident that CoinDCX’s innovative and compliant suite of products will lead both consumers and institutions into digital assets and web3.”
Ravi Mehta, Managing Director, Steadview, said “We have long been impressed by CoinDCX’s vision to build a thriving Web3 ecosystem in India and it has been our pleasure to support the team’s execution in building the most customer-centric and feature-rich crypto exchange in India following our initial investment in 2021. We are excited to now deepen our investment to fuel the growth of one of the most loved Web3 companies in India.”
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