CoinDCX CEO Sumit Gupta said the crypto exchange will use the funds to support cryptocurrency adoption and Web3 projects in India.
CoinDCX, one of the largest cryptocurrency exchanges, announced a $135 million Series D funding round, according to details shared by the company’s CEO, Sumit Gupta.
“We are pleased to share that CoinDCX has raised over $135 million in our latest Series D financing. Another step closer to our vision of making cryptocurrency accessible to every Indian,” Gupta wrote on Twitter 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 participated in the Series D round.
The investment round pushed the valuation of the India-based crypto exchange to $2.15 billion. The company became India’s first crypto unicorn when it reached a $1.1 billion valuation during its Series C financing in August last year. To date, the exchange has raised more than $245 million.
Web3 development in India
The funding round and the company’s plans for crypto and Web3 adoption come just weeks after new Indian tax rules took effect. A 30% tax on capital gains came into force on April 1, and several aspects of the taxation were criticized as potential obstacles for the industry.
CoinDCX aims to support growth across the crypto sector as well as the broader Web3 ecosystem.
“We are on a mission to build greater understanding and trust between regulators, the industry, and our users. This latest round will help accelerate crypto adoption in India and the further development of Web3.0,” Gupta noted.
To help achieve these goals, CoinDCX plans to expand blockchain awareness and educational programs for Indian investors.
The exchange will also deploy funds to strengthen risk management, aiming to offer users a safer platform for trading activities.