Loading...
TMT
By
Crypto exchange CoinDCX raises $90 mn led by Savarin’s B Capital, turns unicorn
Photo Credit: 123RF.com

Nebilo Technologies Pvt Ltd, which operates cryptocurrency exchange CoinDCX, has raised $90 million (Rs 670 crore) in its Series C round led by Facebook founder Eduardo Savarin’s B Capital group.  

The round also saw returning investors Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital among others.   

The financing values the company at $1.1 billion, making it a new entrant to the unicorn club.    

“The funds raised will be allocated to expand (bring more Indians to crypto/make crypto a popular investment asset class in India) and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions and focus on new business initiatives,” said Sumit Gupta, co-founder and CEO of CoinDCX.  

To date, the company has raised $110 million from investors.   

In the coming months, CoinDCX will also add CoinDCX prime initiative for HNI and enterprise clients.    

The investment comes at a time of uncertainty in the early-stage industry with government regulations and banks cutting off access to Indian crypto exchanges.   

Binance, the parent company of WazirX, is facing scrutiny and probes from regulators all over the world. While the UK has already barred the crypto exchange from operating in the country, major markets such as Japan, the US, Germany and India are either investigating the company or have issued warnings due to non-compliance. 

But uncertainty has not stopped investors. Recently, crypto platform Vauld raised $25 million (Rs 186 crore approximately) in a Series A round of funding led by Peter Thiel-backed early-stage technology venture capital firm Valar Ventures. 

Leave Your Comment(s)