Crypto platform CoinDCX on Tuesday announced the launch of CoinDCX Ventures, an investment initiative that will fund early-stage crypto and blockchain startups. The platform will focus on Web3 ecosystem in India and globally and plans to invest Rs 100 crore in the startups over the next 12 months.
This announcement comes soon after CoinDCX closed its successful Series D funding round and surpassed its milestone of 12.5 million users on its platform.
According to the platform, the venture has already invested in seven startups and close to 90% funds are still to be deployed.
Commemorating on the launch, Sumit Gupta, CEO and co-founder, CoinDCX said, “This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation. Having worked closely with venture capitalists in the space, we understand the value and importance of such support, inspiring our move to contribute to the still nascent industry as it cements its position in the future of finance and technology.”
CoinDCX had last month closed an oversubscribed round, over USD 135 million, in their Series D funding. The round was led by Pantera and Steadview with participation from investors like Kingsway, DraperDragon, Republic, and Kindred. The funding round also saw existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increase their investments in CoinDCX, putting it in a strong position to support the growth of the crypto/web3 industry in India.
CoinDCX has also appointed Rohit Jain as senior vice president and head of ventures and investments to lead CoinDCX Ventures. Previously, Rohit has worked in organisations like Myntra, and McKinsey, in addition to founding startups in the SaaS, media, and B2B ecommerce sectors.
Commenting on his appointment and the launch of CoinDCX Ventures, Rohit said, “As a leader in India’s crypto ecosystem, CoinDCX Ventures is an essential next step underpinning CoinDCX’s mission to grow India’s Web3 capabilities. CoinDCX Ventures will be crucial in supporting our vision of building India’s Web3 ecosystem and further the march of emerging technologies in the nation and beyond. I’m thrilled to lead CoinDCX Ventures, bringing my wealth of knowledge across various industries and verticals to further CoinDCX’s mandate to cultivate a stronger crypto landscape.”