India-headquartered cryptocurrency exchange operator CoinDCX completed a $90m series C round on Monday featuring blockchain software provider Block.one and Coinbase Ventures, the venture capital arm of digital currency exchange Coinbase.
Investment firm B Capital Group led the round, which was also backed by Polychain Capital and Jump Capital. It valued CoinDCX at $1.1bn, making it the first India-based crypto-focused company to achieve a unicorn valuation.
CoinDCX has built a digital currency exchange with more than 3.5 million registered users and will channel the funding into product development, international growth and an increase in headcount.
Bain Capital Ventures joined various angel investors to provide an undisclosed amount of seed funding for the company in March 2019 before co-leading a $3m series A a year later with HDR Group, the owner of cryptocurrency exchange BitMex, and Polychain.
Coinbase Ventures and Polychain co-led a $2.5m round for CoinDCX in May 2020, and Block.One led its $13.9m series B in December, investing with Coinbase Ventures, internet company Digital Garage, Polychain, Jump Capital, Uncorrelated Ventures, Mehta Ventures and Alex Pack.
Neeraj Khandelwal, CoinDCX’s co-founder and chief technology officer, said: “This achievement belongs to each and every DCX team member.
“I can guarantee this decade is going to be the DCX Decade where we will disrupt the fintech sector with innovative cutting-edge technologies. I wish more strength to the CoinDCX team towards onboarding 50 million Indians on the platform.”
