CCI Clears Coinbase’s Investment In CoinDCX

SUMMARY

CCI has approved Coinbase Global Inc’s plan to acquire a minority stake in DCX Global Ltd, the entity that owns crypto unicorn CoinDCX’s brand, technology, and intellectual property

This is after Coinbase announced a fresh investment in CoinDCX in October this year, at a post-money valuation of $2.45 Bn as part of its strategy to scale its presence in India and the Middle East

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is one of India’s largest crypto exchanges and became the country’s first crypto unicorn in 2021

The Competition Commission of India (CCI) has approved Coinbase Global Inc’s plan to acquire a minority stake in DCX Global Ltd, the entity that owns crypto unicorn CoinDCX’s brand, technology, and intellectual property.

US-based Coinbase operates crypto exchange platforms in more than 100 countries and has recently expanded its operations to India.

Meanwhile, DCX Global is incorporated in Mauritius. The approved transaction involves Coinbase acquiring a non-controlling, minority shareholding in DCX.

In October this year, Coinbase announced a fresh investment in CoinDCX at a post-money valuation of $2.45 Bn as part of its strategy to scale its presence in India and the Middle East. Coinbase first invested in CoinDCX in 2020, when the latter raised $3 Mn in its Series A funding round.

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is one of India’s largest crypto exchanges and became the country’s first crypto unicorn in 2021. It has raised over $240 Mn in funding so far.

The platform claims to have over 2 Cr users and more than 500 listed crypto assets, with quarterly trading volumes exceeding INR 2.4 Lakh Cr. CoinDCX operates across India and the UAE. It entered the Middle East market through the acquisition of Dubai-based BitOasis last year.

On the financial front, CoinDCX reported a 15% rise in its net profit to INR 1.7 Cr in FY25 from INR 1.5 Cr in FY24. Operating revenue grew 43% to INR 559.6 Cr from INR 391.8 Cr in the previous fiscal year.

It is pertinent to mention that 2025 was a challenging year for the crypto exchange. In July, CoinDCX suffered a $44 Mn (around INR 378 Cr) security breach, one of the largest crypto hacks in India after a $234 Mn heist at WazirX.

The attack targeted an internal hot wallet used for liquidity operations. Following the breach, CoinDCX launched a bug bounty programme and said it absorbed the financial impact through its internal treasury.

The incident also triggered senior leadership exits, including the CTO, CHRO, and CISO.