Coinbase has increased its investment in India's CoinDCX, valuing the exchange's post-money value at $2.45 billion as the US crypto giant bets on the potential of India's digital assets while regulations remain uncertain.
The investment is an extension of CoinDCX's previous funding round and is subject to regulatory approvals and customary closing conditions, the companies said on Wednesday. They did not disclose the investment amount or the size of Coinbase's stake, but noted that the new round increases the valuation of the Indian exchange from $2.15 billion in its previous raise in April 2022.
CoinDCX confirmed to TechCrunch that the latest funding represents an investment of new capital by Coinbase. The US exchange has invested in CoinDCX since 2020, and last backed the Indian exchange through its venture capital arm Coinbase Ventures in a Series D round in 2022.
Notably, this funding comes just months after CoinDCX suffered a security breach that led to the theft of approximately $44 million worth of assets in July. This was announced amid reports earlier this year suggesting that Coinbase was acquiring CoinDCX, a claim that the Indian exchange's CEO denied at the time.
“This investment further strengthens our presence in the region, as we also maintain local operations and other important local partners,” Shan Agarwal, Coinbase's chief business officer, said in a blog post. “Taken together, these steps reflect a clear commitment. We believe that 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 by registering with the country's financial intelligence department earlier this year. The US exchange has also invested in CoinSwitch, another leading crypto platform in India.
India, the world's most populous country and home to more than 1 billion internet subscribers, is a key market for US tech giants. However, the South Asian country remains a relatively small market for cryptocurrencies due to regulatory uncertainty and the government's flat 30% tax on digital asset profits and 1% tax on each transaction. New Delhi also restricts offshore cryptocurrency exchanges unless they register with financial watchdogs. Recently, 25 global platforms, including BingX, LBank, and CoinW, came under government scrutiny for failing to register and comply with anti-money laundering regulations.
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Coinbase's move to double down on CoinDCX to expand its presence in India makes strategic sense as the Indian exchange has a strong local base with over 20.4 million users. In July, CoinDCX reported customer assets of over 100 billion rupees (approximately $1.12 billion), annual group revenue of 11.79 billion rupees (approximately $133 million), and annual transaction value across products totaling 13.7 trillion rupees (approximately $154.6 billion).
In addition to India, CoinDCX expanded into the Middle East and North Africa (MENA) with the acquisition of BitOasis last year. Coinbase could leverage its footprint to strengthen its presence in the region, one of the world's fastest-growing crypto markets.
CoinDCX said in a statement that the new funding will be used to enhance its product, drive user growth, expand into new geographies, and deepen its educational efforts.
“We anticipate strong synergies with Coinbase in building a compliant and compliant cryptocurrency ecosystem in India, MENA and beyond,” said Sumit Gupta, co-founder and CEO of CoinDCX.