Meet India's first cryptocurrency unicorn

The crypto exchange closed a $90 million Series C funding round, led by Facebook Co-founder Eduardo Saverin’s B Capital Group.

Wednesday August 11, 2021 , 4 min Read

Good Morning,

The Indian startup ecosystem has been on a roll, churning out unicorns almost every week! The latest to join the coveted billion-dollar valuation club is CoinDCX.

The crypto exchange closed a $90 million Series C funding round, led by Facebook Co-founder Eduardo Saverin’s B Capital Group. The Series C funding round raises CoinDCX’s valuation to $1.1 billion, making it the first Indian cryptocurrency exchange to reach unicorn status.

Just eight months into 2021, and India has already seen 22 startups turn unicorns. The crypto exchange followed fintech startup BharatPe, sales enablement company Mindtickle, and edtech giant upGrad — all of whom crossed billion-dollar valuations just this month.

Ever since the Supreme Court lifted the ban on cryptocurrency exchanges last year, crypto startups have witnessed a bull run.

For Mumbai-based CoinDCX, this led to its user base growing from 150K to 400K investors on its exchange till May 2021. The platform crossed a total of $10 billion in trading volumes in February and clocks a monthly trading volume of close to $1.5 billion.

In May, Matic Network, which recently rebranded itself as Polygon, raised funding from US-based tech billionaire and serial startup investor Mark Cuban. The startup's cryptocurrency — MATIC tokens — also entered the list of top 20 cryptocurrencies worldwide in market capitalisation, turning its co-founders into India’s first crypto billionaires.

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