The newest financing round valued the company at $1.1 billion, according to CEO and co-founder Sumit Gupta. CoinDCX became India’s first cryptocurrency unicorn after raising 6.70 billion rupees ($90 million) from investors led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group.
Sumit Gupta, the company’s CEO, and co-founder, said in an interview on Tuesday that the new investment round valued the company at $1.1 billion. Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital are among the other investors.
Gupta intends to utilise some of the cash to expand his staff in India to around 400 employees in the next six months.
“I am pretty sure the industry will be regulated at the right time,” Gupta stated. “We have chosen to put at stake our money and career as we feel this is going to be a very good wealth generation opportunity for people.”
The 30-year-old engineer from the upper class Indian Institute of Technology expended numerous hours daily reading about blockchain and cryptocurrencies before setting up CoinDCX in 2018. Primestack Pte., based in Singapore, wants to grow its user base from 3.5 million to 50 million in the next several years, with an emphasis on educating people about crypto and blockchain.
After the Supreme Court overturned a restriction on banks supporting crypto exchanges last year, investments soared.
“We have a very tech savvy population, good mobile penetration, big base of engineers and developers who can leverage blockchain technology,” Gupta said, predicting that once legislation is firmed up, India could generate more than 100 crypto unicorn start-ups in the next few years.