Coinbase has increased its investment in India’s CoinDCX, valuing the exchange at $2.45 billion post-money, as the US crypto giant bets on the country’s digital asset potential even as regulation remains murky.
The investment is an extension of CoinDCX’s previous funding round and is subject to regulatory approvals and customary closing conditions, the companies said Wednesday. They did not disclose the amount invested or the size of Coinbase’s stake, but noted that the new round increased the Indian exchange’s valuation from $2.15 billion at its last raise in April 2022.
CoinDCX confirmed to TechCrunch that the latest funding is a new investment from Coinbase. The US exchange has been an investor in CoinDCX since 2020 and last supported the Indian exchange in its Series D round in 2022 through its venture capital arm, Coinbase Ventures.
Notably, the funding comes just months after CoinDCX suffered a security breach in July that led to the theft of approximately $44 million in assets. This comes amid reports earlier this year suggesting that Coinbase was acquiring CoinDCX—claims the Indian exchange’s CEO denied at the time .
“This investment adds to our growing presence in the region, where we also maintain local operations and other important local partners,” Coinbase Chief Business Officer Shan Aggarwal said in a blog post. “Taken together, these steps reflect a clear commitment: we believe India and its neighbors will help shape the future of the global on-chain economy.”
More than a year after ceasing operations in India, Coinbase re-entered the market earlier this year, registering with the country’s Financial Intelligence Unit. The US exchange is also an investor in CoinSwitch, another leading crypto platform in India.
India, the world’s most populous country with over a billion internet subscribers, is a key market for US tech giants. However, the South Asian country remains a relatively small market for cryptocurrencies, in part due to regulatory uncertainty and the government’s flat 30% tax on digital asset gains, along with a 1% fee on each transaction. New Delhi also restricts offshore crypto exchanges unless they register with its financial watchdog. Recently, 25 global platforms—including BingX, LBank, and CoinW—came under government scrutiny for failing to register and comply with anti-money laundering rules.
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Coinbase’s decision to double down on CoinDCX to expand its presence in India makes strategic sense, as the Indian exchange has a strong local presence with over 20.4 million users . In July, CoinDCX reported customer assets exceeding ₹100 billion (about US$1.12 billion), annualized group revenue of ₹11.79 billion (about US$133 million), and annualized transaction volumes across products totaling ₹13.7 trillion (about US$154.6 billion).
In addition to India, CoinDCX expanded into the Middle East and North Africa (MENA) last year with the acquisition of BitOasis. Coinbase could leverage this presence to strengthen its presence in the region, one of the fastest-growing cryptocurrency markets in the world.
The new capital will be used to enhance products, drive user growth, expand into new geographies, and deepen educational initiatives, CoinDCX said in a statement.
“We see strong synergies with Coinbase in building a compliant and regulatory-compliant crypto ecosystem in India, MENA, and beyond,” said Sumit Gupta, co-founder and CEO of CoinDCX.
