Founded by an IITian, Sumit Gupta (co-founder and CEO) of CoinDCX has become the first Unicorn company in the league of Crypto exchange. On 10-August the company raised $90 million, led by Facebook co-founder Eduardo Saverin’s fund B Capital, valuing it at $1.1 billion.
Their existing investors such as Coinbase Ventures, Block.one, Jump Capital, Polychain Capital, and others have also participated in this round. This round makes CoinDCX the 22nd Unicorn company of the year 2021.
Founded in 2018, the company has raised around $110 million till its inception. Last December, the company raised $13.9 million in Series B funding, in May 2020, it raised $2.5 million in its strategic round, and in March 2020, the company was able to get $3 million in its Series A round.
Registered in Singapore as Primestack Pte., which aims to expand its user base to 50 million from 3.5 million over the next few years and focus on marketing and educating users on crypto and blockchain.
“We will be joining hands or enter into partnerships with key fintech players to expand crypto investor base, set up a Research & Development (R&D) facility, strengthen policy conversations through public discourse, work with the government to introduce favorable regulations, education, and amp up hiring initiatives,” Sumit Gupta, co-founder, and CEO, said.
Mr. Gupta is also planning to strengthen their workforce by doubling the number in the next six months (to about 400 people) in India to cater to their growth story.
“India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only a few platforms provide the efficiency, security, and compliance that investors have come to expect,” the company said.
Crypto exchanges generally run profitable business models, making it attractive for investors, but CoinDCX did not disclose its revenue or profit numbers. Some of the competitors of CoinDCX are Kuber WazirX, ZebPay, and CoinSwitch.