Neblio Technologies Pvt. Ltd, which operates cryptocurrency exchange CoinDCX, has raised $3 million (approximately Rs 22.84 crore at current exchange rates) in its Series A funding.
The funding has been led by the US-based Polychain Capital, a blockchain and cryptocurrency investor, Inc42 reported citing a company statement.
Others that took part in the round include Bain Capital Ventures and HDR Group, which operates cryptocurrency exchange BitMEX.
Mumbai-based CoinDCX will use the funds for enhancing its services, product, research, and marketing activities apart from improving its offering to cater to the growing number of cryptocurrency users in India, the report added.
“The Supreme Court’s decision to strike down the banking ban is an encouraging sign for the broader cryptocurrency ecosystem in India and we are confident that there is huge potential growth in this market,” Carlson-Wee, founder at Polychain Capital, said.
The capital infusion comes a year after CoinDCX raised an undisclosed amount in seed funding, with the round being led by Bain Capital Ventures. A group of angel investors including Sanjay Mehta of Mehta Ventures and AngelList India partner Utsav Somani also took part.
VCCircle has reached out to the cryptocurrency company on the details of the Series A funding and will update this report accordingly.
CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal in early 2018. The startup says its platform serves as a single point of access to the cryptocurrency industry, which otherwise has a multitude of companies specialising in different services such as spot trading or margin trading, forcing people to use multiple services.
It is also the latest bet on a startup operating in the cryptocurrency space, which till around a month ago was operating in the shadow of a Reserve Bank of India ban on trading the asset class. The Supreme Court struck down that ban earlier this month, allowing banks to handle cryptocurrency transactions from exchanges and traders.
Exactly a week ago, Binance Holdings Ltd and Indian startup WazirX jointly launched an India-focused fund to incubate and invest in blockchain projects and startups in the country. The Blockchain for India fund has a corpus of $50 million (Rs 370 crore), said WazirX in a statement.
Binance had acquired WazirX to allow its customers to buy and sell cryptocurrency with Indian rupees on its platform.