Meet India's first cryptocurrency unicorn
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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News & Updates
- Serial fintech entrepreneur and CRED founder Kunal Shah will be joining the board of merchant commerce platform Pine Labs ahead of the latter's potential IPO in the US.
- Japan's TechnoPro Holdings has agreed to acquire 100 percent of digital solutions company Robosoft Technologies for Rs 800 crore. TechnoPro said that the purpose of the acquisition is to identify the digital solution delivery services to the clients in the developed countries.
- Digital transactions have continued to grow at a strong pace in India with increasing acceptance in Tier II and III towns, a report by fintech firm Razorpay said. Digital transactions have grown by 80 percent during November 30, 2020 - August 6, 2021 as against the previous 250 day-period.
- India witnessed an addition of 16 million jobs in July mainly in the agriculture and construction sectors. However, the number of salaried jobs fell by 3.2 million in the same month, according to the Centre for Monitoring Indian Economy (CMIE).
- SoftBank is expecting further upside from the public listing of its portfolio companies in India like Paytm and Policybazaar, according to Navneet Govil, Managing Partner and Chief Financial Officer, SoftBank Investment Advisers.
Before you go, stay inspired with…
Neeraj and Sumit, founders of CoinDCX
“At CoinDCX we have always reiterated the need for smart regulations, taxation, and transparency for our sector.”