CoinDCX Revenue, Valuation, Funding & Investors
CoinDCX is valued at $2.1B as of April 2022, a 15.2x revenue multiple. CoinDCX revenue was $141M, as disclosed with its latest round.
Last CoinDCX valuation
$2.1B
Series D · Apr 2022
Last CoinDCX funding round
$135M
Series D · Apr 2022
CoinDCX revenue
$141M
Series D · Apr 2022
Key investors in CoinDCX
Polychain
Coinbase Ventures
Block.one
Bain Capital Ventures
B Capital
Pantera Capital
About CoinDCX
CoinDCX is a cryptocurrency exchange offering trading in over 200 digital assets with deep liquidity, advanced wallets, and multi-layer security protocols. Mumbai-headquartered since 2018, it provides products like spot trading, futures, margin trading, and staking for retail and institutional users across India. The platform processes billions in monthly volume, integrating with UPI for fiat on-ramps. CoinDCX holds regulatory approvals from FIU-India and partners with Ledger for hardware wallet support.
Founded
2018
HQ
MumbaiWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$141M (Apr 2022)
Valuation
$2.1B (Apr 2022)
CoinDCX Valuation
CoinDCX is currently valued at $2.1B, based on its Series D in April 2022.
The $135M round was led by Pantera Capital and Steadview Capital.
CoinDCX's valuation has grown 2.0x from $1.1B at its Series C in August 2021 to $2.1B in April 2022, across 2 priced rounds.
CoinDCX valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2022 | Series D | $2.1B | 15.2x |
| Aug 2021 | Series C | $1.1B | 275.0x |
CoinDCX Revenue
CoinDCX's latest recorded revenue is $141M, as of its Series D in April 2022. At a $2.1B valuation, that implies a 15.2x revenue multiple.
Revenue grew from $4M in August 2021 to $141M in April 2022, while the revenue multiple moved from 275.0x to 15.2x.
CoinDCX revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2022 | $141M | $2.1B | 15.2x | Series D |
| Aug 2021 | $4M | $1.1B | 275.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
CoinDCX Funding History
CoinDCX has raised a total of $247M across 6 funding rounds.
CoinDCX's first fundraising round was a $3M Series B in February 2019. The most recent completed round was a $135M Series D in April 2022.
CoinDCX funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Series D | Pantera Capital (lead); Steadview Capital (lead) | $135M | $2.1B | CoinDCX, operated by Nebilo Technologies Pvt Ltd, is a Mumbai-headquartered cryptocurrency exchange offering products like token purchases starting at 100 Indian rupees, margin trading, and staking, targeting India's large internet user base. It became India's first crypto unicorn in August 2021 after raising $90 million from B Capital Group and had amassed over 10 million users by April 2022. The company powers the orderbook for rival CoinSwitch Kuber and aims to build compliant, user-friendly solutions to boost crypto adoption amid regulatory scrutiny. On April 18-19, 2022, CoinDCX raised $135 million in a Series D funding round co-led by Pantera Capital and Steadview Capital, with participation from Coinbase Ventures, Kingsway, DraperDragon, Republic Capital, Kindred Ventures, and existing investors like Polychain and Cadenza. This brought total funding to over $245 million and doubled the company's post-money valuation to $2.15 billion in just eight months. The investment underscores confidence in CoinDCX's role in India's Web3 ecosystem despite challenges like plummeting trading volumes (88-96% drop) due to payment restrictions and government regulations affecting peers like WazirX and CoinSwitch Kuber. Proceeds were earmarked for expanding product offerings, talent acquisition, and compliance efforts in the world's second-largest internet market. CoinDCX's CEO Sumit Gupta highlighted the round's validation of their digital-first vision and plans for greater regulatory trust and Web3 growth. Steadview's Ravi Mehta praised the team's execution in building a customer-centric exchange. |
| Aug 2021 | Series C | B Capital (lead); Block.one; Anthony Bucci; Coinbase Ventures; Polychain | $90M | $1.1B | CoinDCX is an Indian cryptocurrency exchange platform founded in 2018 that allows retail and institutional investors to buy, sell, and trade cryptocurrency. The company offers diverse products including spot trading at low minimum amounts (100 Indian rupees or approximately $1.30), margin trading, and staking options for digital assets. CoinDCX serves the Indian market as a regulated and insured platform, with insurance coverage through BitGo of up to $100 million. In August 2021, CoinDCX raised $90 million in Series C funding led by B Capital Group (founded by Facebook co-founder Eduardo Saverin), with participation from returning investors Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital. This round valued the company at $1.1 billion post-money, making CoinDCX India's first cryptocurrency exchange to achieve unicorn status. At the time of the Series C round, CoinDCX reported onboarding more than 3.5 million users and planned to use the capital to scale its product team, develop new investment and trading offerings, establish partnerships with key fintech players, and work with Indian government on favorable regulatory frameworks. The company subsequently expanded significantly, raising an additional $135 million in April 2022 at a $2.15 billion valuation, and later expanded internationally through the acquisition of BitOasis in the Middle East and North Africa region in 2024, serving over 20 million users across more than 500 crypto assets and 200 trading pairs. |
| Dec 2020 | Series B | Block.one (lead); DG VENTURES; Coinbase Ventures; Uncorrelated Ventures; Polychain; Alexander Pack; Mehta Ventures | $14M | - | CoinDCX, operated by Neblio Technologies, is an India-based cryptocurrency exchange founded in 2018 by Sumit Gupta and Neeraj Khandelwal, offering instant deposit and withdrawal facilities with liquidity aggregation from global exchanges like Binance, Huobi, and OKEx. The platform launched the CoinDCX Go app for bitcoin and crypto investments. In December 2020, it raised approximately $13.9 million (Rs 100 crore) in its Series B round led by Block.one, with participation from Coinbase Ventures, Polychain Capital, DG Ventures, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack. The funds supported development and promotion of CoinDCX Go, team expansion from 90 employees, and accelerating crypto adoption. Around the round, CoinDCX reported three-fold growth in overall trade volume, 4x quarter-over-quarter growth in daily active users in Q2 2020, 21% month-on-month trade volume growth, and 25% MoM user growth in October 2020. This followed earlier 2020 raises: $3 million in March from Polychain Capital, Bain Capital Ventures, and others, and $2.5 million in May led by Polychain and Coinbase Ventures. Subsequent rounds included a $90 million Series C in August 2021 at $1.1 billion valuation and $135 million Series D in April 2022 at $2.15 billion valuation. |
| May 2020 | Series A | Polychain (lead); Coinbase Ventures | $3M | - | CoinDCX is an India-based cryptocurrency exchange operating a trading platform with products for the Indian market. In May 2020, it raised $2.5 million in Series A Tranche 2 from lead investors Polychain Capital and Coinbase Ventures to expand operations, improve the platform, and support onboarding. This followed a $3 million Series A Tranche 1 in March 2020 led by 100x Ventures, Bain Capital Ventures, and Polychain Capital to scale exchange features, security, and liquidity. Coinbase Ventures has been an investor since 2020 and participated in subsequent rounds including Series B in December 2020 ($13.9M-$14M), Series C in August 2021 ($90M at $1.1B valuation), and Series D in April 2022 ($135M at $2.15B valuation). |
| Mar 2020 | Series A | Bain Capital Ventures (lead); HDR Cadenza (lead); Polychain (lead) | $3M | - | CoinDCX raised $3 million in its Series A Tranche 1 round in March 2020 from lead investors Bain Capital Ventures, HDR Cadenza, Polychain, and 100x Ventures. The funds were used to scale exchange features, improve security, and enhance liquidity. Valuation was not publicly disclosed. A follow-on Series A Tranche 2 of $2.5 million followed in May 2020 led by Polychain Capital and Coinbase Ventures to expand operations and platform improvements. |
| Feb 2019 | Series B | - | $3M | - | CoinDCX raised $3 million in its Series B funding round in February 2019. Lead investors were not publicly disclosed. The valuation was not publicly disclosed. The funds were used to expand market reach and improve technology. |
Who has invested in CoinDCX?
13 investors have backed CoinDCX across its funding rounds, including Polychain, Coinbase Ventures, Block.one, Bain Capital Ventures, B Capital and Pantera Capital.
Lead investors include Pantera Capital, Steadview Capital, B Capital, Block.one, Polychain and 2 other investors.
CoinDCX Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 4 | Lead | Mar 2020 | |
| San Francisco, CA | 3 | Participant | May 2020 | |
 George Town | 2 | Lead | Dec 2020 | |
| San Francisco, CA | 1 | Lead | Apr 2022 | |
 Tokyo | 1 | Participant | Dec 2020 | |
| Philadelphia, PA | 1 | Participant | Aug 2021 | |
 London | 1 | Participant | Dec 2020 | |
| London | 1 | Lead | Apr 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} HDR Cadenza |  Victoria | 1 | Lead | Mar 2020 |
| Los Angeles, CA | 1 | Lead | Aug 2021 | |
| San Francisco, CA | 1 | Lead | Mar 2020 | |
This data is available for Pro users. Sign up to see all 13 CoinDCX investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by CoinDCX
CoinDCX has acquired 1 company to date.
Last acquisition by CoinDCX was on July 3rd 2024. CoinDCX acquired BitOasis for undisclosed valuation.
Latest Acquisitions by CoinDCX
| Description | BitOasis is a Dubai-headquartered cryptocurrency exchange targeting Middle Eastern markets, allowing users to trade Bitcoin, Ethereum, and over 40 altcoins via AED fiat deposits. Founded in 2015, it offers multi-signature wallets, instant buy-sell features, and enterprise custody services compliant with UAE regulations. |
| HQ Country |  |
| HQ City | Dubai |
| Deal Date | 3 Jul 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all CoinDCX acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by CoinDCX
CoinDCX has invested in 3 companies to date.
Latest investment by CoinDCX was on October 15th 2022. CoinDCX invested in zulu in their $5M Seed round.
Latest Investments by CoinDCX
| Description | zulu is a Bogotá-headquartered cross-border payments platform founded in 2021 that connects Colombia to over 50 countries. The fintech processes transfers via local rails for remittances and B2B transactions from more than 400 clients approaching US$100 million in volume. zulu offers low-fee corridors to the US, Europe, and Latin America through API integrations. | Space and Time is a decentralized data warehouse optimized for Web3 applications. It processes SQL queries across on-chain data from Ethereum, Solana, and Cosmos while indexing off-chain sources for unified analytics. Developers access APIs for real-time joins in DeFi dashboards and gaming leaderboards. Chicago-headquartered since 2021, the platform integrates with Microsoft Azure and supports sub-second query times at petabyte scale. | MetaEngine is a decentralized platform on BNB Chain for developing and publishing GameFi and metaverse applications with no-code tools. Developers launch NFT-based games featuring play-to-earn economies and interoperability. MetaEngine hosts titles like battle royales and virtual land managers. |
| HQ Country |  | |  |
| HQ City | Bogotá | Los Angeles, CA | Singapore |
| Deal Date | 15 Oct 2022 | 27 Sep 2022 | 4 Mar 2022 |
| Round | Seed | Undisclosed stage | Seed |
| Raised | $5M | $20M | $4M |
| Investors | Nexo; Andrew Chang; Carolina Garcia; Cadenza Ventures; Caterine Castillo Ceballos; CMT Digital; Gaingels; Man Hei Lou; Simplex Investments; Jose Jair Bonilla; Oscar Sarria Guerrero | Hash Capital; Blizzard Fund; Hash CIB; Foresight Ventures; STRATOS Technologies; Eterna Capital; M12; Framework Ventures; SevenX Ventures; HashKey Capital; Polygon | Maelstrom Interactive; Efficient Frontier; Insignius Capital; Blufolio; Lemniscap; Future Fund; CoinDCX Ventures; Jump Crypto; Polygon |
| Valuation | undisclosed | $300M | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all CoinDCX investments and their VC round multiples. Start Free Trial | |||
CoinDCX Competitors
CoinDCX competitors include listed companies like Sharplink and Securitize, and private ones like Mercado Bitcoin, Bitso, 2TM and 1inch.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 São Paulo | Private | - | - | $2.1B | - | |
 Mexico City | Private | - | - | $2.2B | - | |
| Brazil | Private | - | - | $2.1B | - | |
| UAE | Private | - | - | $2.3B | - | |
| United States | Publicly listed | $28M | ($734M) | $2B | 45.3x | |
| United States | Publicly listed | $62M | ($34M) | $1.8B | 26.6x |
CoinDCX Public Comps
CoinDCX is still privately-owned, but its public comps include Sharplink, Securitize, OSL Group, HashKey Holdings, Hyperliquid Strategies, BitGo Holdings, Indokripto Koin Semesta, Rhino Bitcoin, Stewards and Galaxy Digital.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $28M | ($734M) | 70.4x | 45.3x | (2.7x) | 159.8x | |||
| $62M | ($34M) | 30.6x | 26.6x | (55.1x) | (17735.7x) | |||
| $62M | ($48M) | 16.4x | 11.1x | (21.4x) | (22.9x) | |||
| $92M | ($109M) | 7.8x | - | (6.6x) | - | |||
| $9M | - | 339.8x | 177.9x | - | - | |||
| $16B | ($9M) | 0.1x | 6.0x | (136.0x) | 137.7x | |||
| $16M | $7M | 38.0x | - | 83.4x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
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Common questions about CoinDCX
| When was CoinDCX founded? | CoinDCX was founded in 2018. |
| Where is CoinDCX headquartered? | CoinDCX is headquartered in Mumbai, India. |
| Is CoinDCX publicly listed? | No, CoinDCX is a private, VC-backed company. |
| What is CoinDCX's valuation? | CoinDCX was last valued at $2.1B in its Series D in April 2022. |
| How much funding has CoinDCX raised? | CoinDCX has raised $247M across 6 funding rounds. |
| What was CoinDCX's last funding round? | CoinDCX's last funding round was a $135M Series D in April 2022, led by Pantera Capital and Steadview Capital. |
| Who are CoinDCX's investors? | CoinDCX's investors include Polychain, Coinbase Ventures, Block.one, Pantera Capital, DG VENTURES, Anthony Bucci, Uncorrelated Ventures, Steadview Capital, HDR Cadenza, B Capital and 3 others. |
| What is CoinDCX's revenue? | CoinDCX's latest recorded revenue is $141M (April 2022). |
| What is CoinDCX's revenue multiple? | CoinDCX's latest valuation implies a 15.2x revenue multiple ($2.1B valuation on $141M of revenue). |
| Which companies are comparable to CoinDCX? | Companies comparable to CoinDCX include Mercado Bitcoin, Bitso, 2TM, 1inch, Sharplink and Securitize. |
| How many companies has CoinDCX acquired? | CoinDCX has acquired 1 company, including BitOasis. |
| How many companies has CoinDCX invested in? | CoinDCX has invested in 3 companies, including zulu, Space and Time and MetaEngine. |
| What was CoinDCX's last investment? | In October 2022, CoinDCX invested in zulu's $5M seed round alongside Nexo, Andrew Chang, Carolina Garcia and 8 other investors. |
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