Crypto tax startup KoinX raises $1.5 million funding

• ByStartupStory     |    July 6, 2022

Polygon founder Sandeep Nailwal, iSeed Fund, KubeVC, and other angel investors contributed $1.5 million in seed funding round to crypto tax platform KoinX.

KoinX, founded by Punit Agarwal, assists retail crypto investors in automating their taxes by merging their portfolios and payments into a single platform and giving a consolidated dashboard. It has collaborations with the crypto exchanges such as CoinDCX, Binance, Vauld, and WazirX.

“The simplicity and convenience of use for our users is the key value of KoinX.” We wanted to create something simple to use and integrate so that crypto investors could address their tax problems quickly. We employ powerful encryption techniques to safeguard our users’ identities and other information, which is built on secure protocols. “We are indeed a proud Made in India product created by incredibly skilled engineers and industry professionals who have thoroughly researched customer pain points and taken great care to ease those pain points in a normal user experience,” Punit Agarwal, founder of KoinX, said.

The funds will be used to grow the startup’s operations and reach approximately five lakh crypto investors by the q2 of the current fiscal year. India’s new 30% tax on crypto profits went into force on April 1, and also the 1 percentage tax deductible at source (TDS) on any crypto transactions went into effect on July 1. We previously reported that trading volumes in Indian exchanges fell within days in both instances.

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