Temasek-backed India crypto firm tops $2b valuation with $135m raise

CoinDCX, a cryptocurrency major in India, has raised US$135 million in a series D round led by Pantera and Steadview Capital and participated by Facebook co-founder Eduardo Saverin’s B Capital.

Reports peg the company’s valuation at US$2.2 billion, making it the highest-valued crypto firm in the country.

CoinDCX co-founder Neeraj Khandelwal (left) and CEO Sumit Gupta / Photo credit: CoinDCX

Founded in 2018, CoinDCX is a cryptocurrency exchange backed by companies like Temasek and Bain Capital Ventures. It has also launched several educational campaigns through the DCXLearn platform to help increase crypto adoption. The company said it will launch a crypto innovation center to further this goal.

On the security front, CoinDCX said it works with crypto-native trade surveillance and market integrity firms like Solidus Labs and Coinfirm. The company added that these partnerships improve its compliance with the Financial Action Task Force’s recommendations.

CoinDCX plans to triple its talent pool to more than 1,000 by the end of this year.

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The latest funding follows the firm’s US$90 million series C round in August 2021, which it raised at a valuation of US$1.2 billion. The continued investor interest comes despite crypto coming across India’s crosshairs.

Other investors in the round include:

• Coinbase
• Polychain
• Cadenza
• Kingsway
• DraperDragon
• Republic
• Kindred