Indian crypto exchange CoinDCX raises $135 million, now valued at $2.15 billion

Exchanges • April 19, 2022, 2:37AM EDT
The Block

Indian cryptocurrency exchange CoinDCX raised over $135 million in a Series D funding round led by Pantera Capital and Steadview.

The round brings CoinDCX's valuation to $2.15 billion, a spokesperson for the exchange told The Block. CoinDCX has doubled its valuation in just seven months. The exchange was valued at $1.1 billion in August when it raised $90 million in a Series C funding round.

CoinDCX says it is now the highest valued crypto company in India.

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Other investors in the Series D round included Kingsway, DraperDragon, Republic, and Kindred. Previous investors, including B Capital Group, Coinbase, Polychain and Cadenza also participated in the round.

With fresh capital in hand, CoinDCX plans to triple its headcount to over 1,000 employees by the end of this year and continue to launch new products and services. The exchange will also look to continue spending on investor education initiatives. It currently runs the DCXLearn platform, providing free courses and articles on crypto and blockchain.

The Series D round brings CoinDCX's total funding to date to around $245 million.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.