CoinDCX CEO Sumit Gupta said the crypto exchange will use the funds to support crypto adoption and Web3 projects in India.
CoinDCX, one of India’s largest cryptocurrency exchanges, announced a $135 million Series D funding round, according to details shared by the company’s CEO, Sumit Gupta.
“I am excited to share that CoinDCX has raised over $135 million in our latest Series D funding round. Another step closer to our dream of making crypto accessible to every Indian,” Gupta tweeted on Tuesday.
The funding round was led by Pantera Capital and Steadview Capital. Other participants included Kingsway, Draper Dragon, Kindred, and Republic.
Existing investors B Capital Group, Coinbase, Polychain Capital, and Cadenza also contributed new capital in CoinDCX’s Series D round.
The investment round valued the India-based crypto exchange at $2.15 billion. CoinDCX became India’s first crypto unicorn after its Series C in August, when it reached a $1.1 billion valuation. The exchange has now raised more than $245 million in total.
Growth of Web3 in India
The startup’s funding round and its plans to promote crypto and Web3 adoption come just weeks after India’s new tax rules took effect. A 30% tax on crypto gains went into force on April 1, with several aspects of the taxation criticized as potential setbacks for the industry.
CoinDCX aims to support the expansion of the crypto and Web3 ecosystem.
“Our mission is to build understanding and trust between regulators, the industry, and our users. This latest funding round will help accelerate crypto adoption in India and advance the progress of Web3.0,” Gupta noted.
To pursue these goals, CoinDCX plans to scale up outreach and blockchain education programs targeted at Indian investors.
The exchange will also allocate funds to risk management as it works to provide users with a secure platform for trading.