CoinDCX announced on April 19th, 2022 that it had doubled its valuation to US $2.15 billion (post-money) in eight months after receiving a fresh funding of US $135 million, as the Indian cryptocurrency exchange looks to aggressively expand its product offerings and talent base, including some to double down on compliances in the world’s second-largest internet market.

CoinDCX’s Series D investment was co-led by Steadview and existing backer Pantera, according to the company. Coinbase Ventures, Kingsway, DraperDragon, Republic, and Kindred were among the investors in the Mumbai-based startup’s latest round of funding. CoinDCX has raised almost US$ 245 million to date.

The startup’s new funding comes only weeks after New Delhi’s crypto taxation legislation, which imposes a 30% surcharge on income, took effect. According to publicly available trackers, the law, which also includes a 1% tax deduction at source for each trading, has significantly influenced all crypto exchange trading volumes in the country.

What the founder has to say:

 Sumit Gupta, co-founder, and chief executive of CoinDCX: 

“The most intriguing thing about this round is the caliber of investors coming in and the level of market confidence they have demonstrated. It has a positive impact on the industry as a whole.”

He stated that the company intends to increase its compliance efforts. We’ll do all it takes to give the regulators more confidence.

CoinDCX, which has B Capital as a backer, is also working to increase retail investor education and contribute to the local ecosystem’s expansion. He noted that the company would fill its eponymous app with instructive information and byte-sized films.

What the investors have to say:

Ravi Mehta, managing director of Steadview, in a statement:

“Following our original investment in 2021, we have been pleased with CoinDCX’s vision to develop a thriving Web3 ecosystem in India, and it has been our pleasure to assist the team’s execution in building India’s most customer-centric and feature-rich crypto exchange. We’re excited to increase our investment to help one of India’s most popular Web3 firms flourish.”

Additional Products:

CoinDCX just launched a new plan that allows users to invest a set amount every few days in new product offers. The function is intended to assist people in better understanding and developing a habit of making long-term, disciplined investments. More than 100,000 people have already signed up for the service, launched late last month. 

Wealth management opportunities such as mutual funds and equities are among the items that are unlikely to appear on CoinDCX. CoinDCX’s sole focus, according to Gupta, is crypto. They are excited as a firm about a category that has a bright future and shall continue to focus on cryptography rather than exploring previously solved areas

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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