FalconX, a digital assets trading platform, has raised $150 million (around Rs 1,170 crore) Series D funding round led by Singapore's sovereign wealth fund GIC and B Capital, more than doubling its valuation in 10 months.
This venture round now takes the unicorn's valuation at $8 billion versus the $3.75 billion figure in August 2021 after the company’s Series C round, the company announced in a statement.
FalconX was incubated by Accel in 2019 in India where it has an office in Bengaluru. Globally, it is present in Silicon Valley, New York, Chicago and Malta.
The startup had raised $210 million in Series C funding round last August at a $3.75 billion valuation, jumping over five-fold in a span of just five months. Its previous funding was at $50 million at $675 million valuation in March 2021.
The latest funding was participated by investors including Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management.
Accel-backed FalconX has now raised $430 million+ from the world’s leading investors, making it one of the most valuable crypto prime brokerages in the world, it further said.
“FalconX is one of the very few crypto prime brokerages who do not take on market risk, so we’re not in conflict with our clients and their trading strategies. This investment is a validation of our client-first focus, the health and strength of the crypto industry and the move towards digital asset transformation,” said Raghu Yarlagadda, founder and chief executive officer of FalconX.
In an interview with VCCircle in March, Yarlagadda said the company is looking at acquisitions globally to scale its crypto product offerings while it is planning to make acqui-hires in India to expand its management bandwidth.
Continuing with its growth strategy, the company is currently hiring across departments with recently announcing the hiring of key executives like Suzy Walther (formerly of Carta) and Jon Kaplan (formerly of Pinterest).
“The long-term conviction in institutional #digitalassets is alive and well. Despite the market conditions, we've onboarded the highest number of institutions in company history in 2022,” its chief executive and founder Raghu Yarlagadda wrote in a post on Twitter.
“As a tech-first digital asset infrastructure platform, FalconX provides a holistic product offering paired with unparalleled execution that supports over 70 million transactions on a monthly basis. They are well-positioned to lead the ongoing institutional transition to digital assets for years to come,” said Rashmi Gopinath, general partner, B Capital.