SUMIT GUPTA AND NERAJ KHANDELWAL, founders of India’s biggest crypto investment app by volume with user base of over 1.4 crore, have been friends for 15 years since their coaching days in Kota. The duo started their entrepreneurial journey in 2018 from a small flat in Mumbai. Last valued at $2.1 billion in 2022, the company, which competes with CoinSwitch and Unocoin in India and Binance and Gemini globally, has raised $247 million in six funding rounds; it entered unicorn club in 2021. With average daily trading volume of ₹246.5 crore and 500+ trading pairs, CoinDCX is becoming popular with crypto investor through investment app CoinDCX Go, crypto trading platform CoinDCX Pro and investor education platform DCX Learn.
The company’s revenue comes from fee on buying and selling cryptos (0.1% transaction amount), as well as partnerships with other companies in blockchain and cryptocurrency. Neblio Technologies, the Indian arm of CoinDCX, which is registered in Singapore as Primestack Pte., turned profitable in FY23. The company ended FY23 with a net profit of ₹28 crore against a net loss of ₹41 crore in previous fiscal. “Around 50 million people should be able to use blockchain technology in India in their daily lives in next five years,” says Khandelwal. He adds in India, blockchain can be directly added to applications. “You don’t need to build a completely new world of mobile applications as blockchain can be integrated directly inside apps that people are already using.” — Chitranjan Kumar