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.
7 CLAPS
0

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.


The Interview

A flagship series, YourStory's Startup Spin explores the similarities between sports and business.

Bhavin Turakhia, CEO and Co-founder, Zeta gives insights into finding and tracking talent, being inspired by failure, the journey of mastery, meditation, mental health and more.


Editor’s Pick: Anicut Angel Fund

Founded in 2015, Anicut Angel Fund, the angel investment platform of Chennai-based asset management firm Anicut Capital, has invested in more than 25 startups so far.

With its angel fund, Anicut offers equity investments in early-stage ventures through a model where the team takes ownership of the deal and does the heavy lifting for its founders and investors. Read more.


Startup Spotlight

Making agriculture profitable and sustainable

While starting up, Pranav Tiwari and Dhruv Sawhney realised that there was no organised ecosystem available. This led them to start nurture.farm, a wholly-owned subsidiary of UPL, out of Bengaluru in 2020. 

The agritech startup fosters resilient farmers, making agriculture simple, profitable, and sustainable through technology-led solutions. Read more.

Pranav Tiwari and Dhruv Sawhney


News & Updates


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.”

Sumit Gupta, Co-founder and CEO, CoinDCX


Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!

Latest

Updates from around the world