Indian Crypto Exchange CoinDCX Hits $2B Valuation in New Funding Round

Indian crypto exchange CoinDCX has raised $135.9 million from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in less than a year to become the most valued crypto startup in India. In addition to Pantera Capital and Steadview Capital, the funding round also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures along with existing investors such as B Capital, and Coinbase Ventures, Polychain Capital, and Cadenza Capital Management. 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 million in August 2021, at a valuation of $1.1 billion. It was soon followed and overtaken by rival crypto exchange 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.