After raising 6.70 billion rupees ($90 million) from investors led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group, CoinDCX became India’s first cryptocurrency unicorn.
Sumit Gupta, the company’s CEO and co-founder, said in an interview on Tuesday that the current fundraising 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 funding to expand his staff in India to roughly 400 individuals in the next six months.
“I am fairly confident that the industry will be controlled at the appropriate moment,” Gupta added.
Before founding CoinDCX in 2018, the 30-year-old engineer from the reputed Indian Institute of Technology spent several hours each and every day reading about blockchain and cryptocurrencies. Primestack Pte., private limited, aims to grow its user base from 3.5 million to 50 million in the next several years, with a focus on creating awareness to crypto and blockchain.
After the Supreme Court removed a limit on banks supporting crypto exchanges last year, investments soared.
“We have a very tech-savvy population, good mobile devices, and a vast population of engineers and developers who can leverage blockchain technology,” Gupta stated, estimating that India could produce over 100 crypto unicorn start-ups in the next few months.