Nebilo Technologies Pvt. Ltd, which runs cryptocurrency exchange CoinDCX, Tuesday announced the launch of CoinDCX Ventures to back early-stage crypto and blockchain startups with an allocation of Rs 100 crore, to be deployed over next 12 months.
CoinDCX has appointed former Myntra and McKinsey executive, Rohit Jain as senior vice president and head of ventures and investments to lead CoinDCX Ventures. “The venture has already backed seven startups and close to 90% of funds are yet to be deployed, Jain said.
The announcement comes shortly after the crypto exchange’s $135 million fund raise in a Series D round, led by Pantera and Steadview.
“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," Jain said.
Web3 or Web 3.0 is a new iteration of the World Wide Web based on blockchain tech that incorporates concepts like decentralization and token-based economics.
“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," said Sumit Gupta, CEO and co-founder, CoinDCX.
Last month, In an interview, Gupta explained why Indian investors are still bullish on the crypto ecosystem despite regulatory uncertainty.
“Investors aren’t witnessing regulatory issues for the first time. We may see regulatory ambiguity in the short-term but investors do not take a 1–2-year view. They take a larger view and investors are quite positive about the Indian market, especially when they have seen the rate of adoption in terms of new people entering this space,” Gupta had said in the interview.
CoinDCX joins a slew of crypto exchanges launching a dedicated arm to back early crypto-focused startups, while Coinbase's investment arm, Coinbase Ventures, has already invested over $150 million in India including CoinDCX and CoinSwitch Kuber. Binance’s venture arm Binance Labs has also actively invested in India.