Crypto exchange CoinDCX raises $135 million; tops Indian crypto market in valuation

• ByStartupStory     |    April 19, 2022

Crypto exchange CoinDCX has raised $135.9 million from investors led by Panterra Capital and Steadview Capital, surging its valuation to $2.15 billion to become the most valued crypto trading exchange in India in just eight months. 

Founded in 2018 by Neeraj Khandelwal and Sumit Gupta, CoinDCX helps people buy and sell crypto tokens and also offers other crypto-based financial products such as lending. The crypto-currency exchange received half of the funds from Panterra Capital and Steadview Capital in its latest Series D round of funding, which drew participation from a slew of other investors like Kingsway Capital, DraperDragon, Republic, and Kindred Ventures. 

The enormous funding comes in the wake of newly introduced taxation rules in India, which restricts access to modes of depositing money for the users. Consequently, there was a fall recorded in the trade volumes of CoinDCX and its peers like WazirX and CoinSwitch Kuber, which has hit the crypto market with an air of uncertainty. 

CoinDCX intends to use newly infused funds to augment its headcount across all functions including engineering, product and compliance.

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