CoinDCX grew from a crypto exchange launched in 2018 into one of India's largest digital asset platforms.
Discover how CoinDCX founders Sumit Gupta and Neeraj Khandelwal built India’s leading crypto exchange from a Mumbai flat, survived the RBI banking ban, and scaled the company into a billion-dollar fintech.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Sumit Gupta, Neeraj Khandelwal |
| Education | Both founders – B.Tech, IIT Bombay |
| Prior Ventures | Sumit Gupta – Software Engineer, Sony (Tokyo); Founder, ListUp; Neeraj Khandelwal – Holachef Hospitality, DoorMint |
| Role | Co-Founder and CEO, CoinDCX (Sumit Gupta); Co-Founder (Neeraj Khandelwal) |
| Founded | 2018 |
| Sector | Crypto Exchange |
Introduction
Few Indian startups have launched into a tougher regulatory headwind than CoinDCX did. Sumit Gupta and Neeraj Khandelwal, friends since their days preparing for IIT entrance exams in Kota, launched the exchange in March 2018, just days before the Reserve Bank of India banned regulated entities from dealing in cryptocurrencies. (Business Standard; 18startup) Seven years on, CoinDCX has grown into India’s largest crypto exchange, serving more than 20 million users. (The Block)
The CoinDCX Story
Before founding CoinDCX, Gupta worked as a software engineer at Sony in Tokyo and had already attempted one startup, ListUp, a location-based platform for buying and selling used electronics. (Business Standard) Khandelwal, meanwhile, worked at startups including Holachef Hospitality and DoorMint before joining Gupta to explore the crypto opportunity. (Business Standard)
The founders pooled their savings and launched CoinDCX from a Mumbai flat, only for the RBI’s banking ban to hit within weeks and collapse their seed funding plans. (sumitgupta.co) Rather than shutting down, the duo pivoted to a peer-to-peer trading model and took the matter to the Supreme Court, which eventually overturned the RBI’s restriction in 2020. (sumitgupta.co; Business Standard)
That legal win, combined with a Bain Capital-backed funding round shortly after the ban, gave CoinDCX room to grow through the pandemic-era crypto boom. (Scroll.in) As a result, the company became India’s first crypto unicorn in August 2021, following a $90 million Series C round. (YourStory)
Business Model
CoinDCX earns primarily through trading-related fees rather than subscription revenue:
| Revenue Stream | How It Works |
|---|---|
| Transaction fees | Charged on crypto buy and sell orders executed on the platform |
| Lending and staking | Fees earned on crypto lending products and yield offerings |
| Web3 and wallet services | Revenue from Okto, its Web3 wallet product |
| Institutional services | CoinDCX Prime, aimed at high-net-worth and institutional investors |
(Sourced from Inc42)
Funding History
| Round | Year | Amount | Key Investors |
|---|---|---|---|
| Series C | Aug 2021 | $90 million | B Capital, Coinbase Ventures, Polychain Capital |
| Series D | Apr 2022 | $135 million | Pantera Capital, Steadview Capital, Kingsway, DraperDragon |
| Corporate Minority | Oct 2025 | Undisclosed | Coinbase (extension of prior round) |
(Sourced from Business Standard and The Block)
Overall, CoinDCX has raised over $244 million to date, and its October 2025 round with Coinbase pushed its valuation to $2.45 billion post-money, up from roughly $2.15 billion in 2022. (The Block; Mitrade)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Operating Revenue | ₹391.8 crore | ₹559.6 crore (up 43%) |
| Net Profit | ₹1.5 crore | ₹1.7 crore (up 15%) |
(Sourced from Inc42)
Notably, this marks a turnaround from FY24, when profit had fallen 45% year-on-year even as the company held onto profitability. (YourStory) The DCX Group, which includes CoinDCX, BitOasis, and Okto, reported annualised group revenue of ₹1,179 crore as of FY25. (Business Standard)
CoinDCX vs Competitors
CoinDCX competes with WazirX, CoinSwitch, and ZebPay in India’s crypto exchange market. (levels.fyi) Unlike some rivals that scaled back after regulatory pressure, CoinDCX has pushed further into adjacent categories such as Web3 wallets and institutional trading through CoinDCX Prime.
Key Takeaways
- Sumit Gupta and Neeraj Khandelwal founded CoinDCX in 2018, days before an RBI banking ban on crypto exchanges.
- The founders fought the ban through the Supreme Court, which overturned it in 2020.
- CoinDCX became India’s first crypto unicorn in 2021 and reached a $2.45 billion valuation after a 2025 Coinbase-backed round.
- FY25 operating revenue grew 43% to ₹559.6 crore, with profit rising 15% to ₹1.7 crore.
- The company competes with WazirX, CoinSwitch, and ZebPay in India’s crypto exchange space.
FAQs
Who founded CoinDCX?
Sumit Gupta and Neeraj Khandelwal founded CoinDCX in March 2018.
How did CoinDCX survive the RBI’s crypto banking ban?
The founders pivoted to a peer-to-peer model and challenged the ban in the Supreme Court, which struck it down in 2020.
How much funding has CoinDCX raised?
Over $244 million, reaching a $2.45 billion valuation after its October 2025 round with Coinbase.
Who are CoinDCX’s competitors?
WazirX, CoinSwitch, and ZebPay in India’s crypto exchange market.
© The Founder Nation | Written by TFN Research Desk
