Indian Crypto Exchange CoinDCX Tops $2 Billion Valuation In New $135 Million Funding

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CoinDCX has doubled its valuation to $2.15 billion (post-money) in eight months following a fresh $135 million funding.

Steadview and existing backer Pantera co-led CoinDCX’s Series D financing, the firm said. Coinbase Ventures, Kingsway, DraperDragon, Republic Capital and Kindred Ventures also participated in the Mumbai-headquartered startup’s new funding. To date, CoinDCX has raised more than $245 million.

The startup, says it has amassed over 10 million users. Having allowed users to buy various tokens for as low as 100 Indian rupees ($1.3), CoinDCX also provides margin trading.

Gupta confirmed that CoinDCX has also been hit by the recent move, noting that the 1% TDS has made it somewhat less feasible for some high-frequency traders to go about their business.

CoinDCX is also planning to considerably ramp up its workforce. The startup, which currently employs about 400 people, plans to have 1,000 people by the end of the year. “We have the right infrastructure and distribution, it’s very much on the cards,” he added.

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