+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

CoinDCX is now the most valued cryptocurrency exchange in India and it is hiring for 600 positions

Apr 19, 2022, 16:17 IST
Business Insider India
CoinDCX is now the most valued cryptocurrency exchange in India and it is hiring for 600 positionsCoinDCX/ Canva/ BI India
  • CoinDCX is now valued at $2.15 billion after raising $135 million.
  • It plans to use this funding to hire across functions, including engineering, product and compliance.
  • CoinSwitch Kuber was the most valued cryptocurrency exchange in India since October last year.
Advertisement
Cryptocurrency trading exchange CoinDCX has once again retained the top spot in terms of valuation in its category. It is now valued at $2.15 billion after raising $135 million (about ₹1,000) crore, the four-year-old company announced on Tuesday.

CoinDCX was the first Indian cryptocurrency startup to be valued at over one billion dollars and marked its entry into the unicorn club. The company had raised $90 Mn (INR 670 Cr) in August 2021, at a valuation of $1.1 billion.

It was soon followed and overtaken by Coinswitch Kuber, which raised $260 million in October 2021 at a valuation of $1.9 billion. Prior to CoinDCX’s latest funding, CoinSwitch Kuber was the most valued cryptocurrency exchange in India since October 2021.

Founded by Sumit Gupta and Neeraj Khandelwal in 2018, CoinDCX allows people to buy and sell crypto tokens. It also specializes in crypto-enabled financial services such as lending.

The four-year-old startup currently has a user base of 12 million registered users, representing a four-fold increase from 3.5 million users registered till August last year.

Advertisement

The company has raised close to $250 million to date, according to business intelligence platform Crunchbase. It is backed by Facebook co-founder Eduardo Saverin’s B Capital Group and Coinbase Ventures.

The funding round was led by Pantera Capital and Steadview Capital, which have infused nearly 50% of the capital raised in this round. The other half was invested by prominent investors such as Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.

Existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management also participated in this round.

The Mumbai-based company plans to use a part of this funding to hire across several verticals, including engineering, product and compliance. The company has a workforce of 400 at the moment, which it plans to increase to 1,000 by the end of this year.

It also intends to invest in education and build an innovation centre to develop products in the Web3 space.

SEE ALSO

Advertisement
Here’s why the US is increasing interest rates and how it impacts Indian markets
Mindtree, Wipro, Ujjivan Financial Services, RailTel among stocks to watch out for on April 19
Extreme Poverty in India declined 12% in the last decade, says World Bank
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article