Decoding CoinDCX’s Series D round, captable and founder stake worth

Crypto trading platform CoinDCX became the first crypto unicorn in November and doubled its valuation to $2.1 billion in April when the company closed a $136 million worth Series D funding round.

While the company said that Steadview and its existing backer Pantera co-led the Series D round, it didn’t disclose the break up of the round. Fintrackr has decoded this along with CoinDCX’s cap table with the help of the company’s regulatory filings in Singapore.

CoinDCX has raised $136 million from 10 investors, its filings show. Pantera Blockchain Fund has infused $30 million whereas Steadview Capital and Polychain Opportunities Fund have put in $25 million each.

Kingsway Frontier has participated in the Series D round with $20 million while B Capital has invested $15 million. 

Draper Dragon has invested $6 million and remaining $15 million came from Republic Capital ($5 Mn), Kindred Ventures ($5 Mn), Cadenza Capital ($2.7 Mn and Coinbase ($2.3 Mn). According to Fintrackr’s estimate the four-year-old exchange has been valued at $2.1 billion.

Following the completion of the Series D round, Polychain Ventures stood out as the largest shareholder in CoinDCX controlling 19.4% stake. Block One investments is the second largest shareholder with 18.52% stake while co-founders Sumit Gupta and Neeraj Khandelwal retain 14.36% stake each. Importantly the collective worth of the co-founders is valued north of $590 million, around $295 million each.

CoinDCX helps people buy and sell crypto tokens and its offerings also include crypto-based financial products like lending. So far, the company has raised $246 million across four institutional rounds. The company had claimed a registered user base of 15 million with 40% of users hailing from the age bracket: 25-34 year old.

CoinDCX competes with Wazir X, CoinSwitch Kuber, Zebpay and Unocoin. CoinSwitch Kuber is the second largest valued startup in the crypto space with $1.9 billion. Trade in crypto and stocks had gone up all time high during the first two waves of the pandemic. However, the impact of this surge on exchanges like CoinDCX is yet to be known as the company hasn’t filed its annual financial statement for FY21.