Coinbase has increased its investment in India’s leading crypto exchange, CoinDCX, valuing the platform at $2.45 billion post-money. The move underscores the U.S. exchange’s confidence in India’s digital-asset potential, even amid uncertain regulations.
The latest investment is an extension of CoinDCX’s previous funding round and remains subject to regulatory approvals. While neither company disclosed the exact amount or Coinbase’s new stake, the fresh funding marks an uptick from CoinDCX’s $2.15 billion valuation in April 2022.
CoinDCX confirmed that the investment represents new capital from Coinbase, which first invested in the startup in 2020 through its venture arm, Coinbase Ventures. The funding comes just months after CoinDCX’s $44 million security breach in July, which briefly shook investor confidence.
“This investment adds to our growing presence in the region,” said Shan Aggarwal, Coinbase’s Chief Business Officer. “We believe India and its neighbors will help shape the future of the global onchain economy.”
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Coinbase, which had paused operations in India over a year ago, re-entered the market earlier this year after registering with the Financial Intelligence Unit (FIU). The U.S. exchange also holds a stake in CoinSwitch, another major Indian crypto platform.
India’s vast internet user base makes it an attractive market, though the sector faces challenges such as a 30% tax on crypto gains and a 1% transaction levy. The government has also tightened oversight, requiring offshore exchanges to register locally.
CoinDCX currently serves over 20.4 million users, with customer assets exceeding ₹100 billion ($1.12 billion) and annualized revenue of ₹11.79 billion ($133 million). The company has also expanded beyond India, acquiring BitOasis in the Middle East and North Africa (MENA) region.
The new capital will help CoinDCX enhance products, expand internationally, and support crypto education initiatives.
“We see strong synergies with Coinbase in building a compliant and regulatory-friendly crypto ecosystem in India, MENA, and beyond,” said Sumit Gupta, CoinDCX’s co-founder and CEO.
