US Crypto Giant Coinbase Makes Fresh Investment In India’s CoinDCX At $2.45 Billion Valuation

US cryptocurrency exchange Coinbase Global announced today (15 October) it has made a fresh investment in Mumbai-based CoinDCX, valuing the Indian crypto platform at $2.45 billion post-money.

The investment, which remains subject to regulatory approvals and customary closing conditions, represents an extension of CoinDCX's previous funding round and lifts the exchange's valuation from $2.15 billion recorded during its April 2022 Series D round.

Coinbase has been an investor in CoinDCX since 2020, initially backing the Indian exchange through its venture capital arm, Coinbase Ventures.

The latest investment deepens a relationship that has spanned five years, though neither company disclosed the specific financial terms or size of Coinbase's increased stake.

CoinDCX confirmed the funding represents new capital injection from the US exchange.

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has established itself as one of India's largest crypto exchanges, with more than 20 million registered users.

As of July 2025, the platform reported annualised group revenue of approximately $141 million, assets under custody valued at $1.2 billion, and annualised transaction volumes surpassing $165 billion.

The exchange offers over 500 crypto assets and 200 trading pairs, ranging from systematic investment plans to advanced trading options.

The investment comes as Coinbase seeks to expand its presence in India and the Middle East, regions it describes as critical for crypto adoption.

Shan Aggarwal, Coinbase's chief business officer, stated the firm believes "India and its neighbours will help shape the future of the global on-chain economy. "

CoinDCX expanded into the Middle East and North Africa region last year through its acquisition of BitOasis, a prominent digital asset platform.

The fresh capital will be used to drive product innovation, fuel user growth, expand into new geographies, and strengthen educational initiatives.

Coinbase re-entered the Indian market earlier this year by registering with the country's Financial Intelligence Unit, more than a year after ceasing direct operations.

India remains a complex market for cryptocurrency exchanges due to regulatory uncertainty and a 30 per cent tax on digital asset gains, alongside a one per cent levy on each transaction.

Despite these challenges, India leads the world in crypto adoption, with CoinLedger data showing nearly 119 million crypto holders as of 2024.