Cypto exchange CoinDCX will invest ₹100 crore over the next 12 months through its corporate venture arm CoinDCX Ventures, reports Economic Times.
The unicorn close startup has made seven bets across investment infrastructure, investment products, infrastructure layer development, developer tools, and web3 apps. Its investments include Liminal, Ethereum Push Notification Service, Spheron and others.
CoinDCX recently raised $135 million in a Series D funding round from Steadview Partners and Pantera Capital.
Its other backers include Facebook co-founder Eduardo Saverin’s B Capital, Coinbase Ventures, Polychain Capital and DraperDragon, amongst others. The company was last valued at $2.15 billion.
Rohit Jain, who was previously a partner at growth stage fund Fundamentum, will head CoinDCX Ventures. Jain has also worked at Myntra and McKinsey, in addition to founding startups in the software-as-a-service, media, and business-to-business ecommerce sectors.
“This corpus is separate from our corp development initiative. This is very important because it helps us grow the overall category and helps us contribute to the ecosystem,” said Sumit Gupta at a press briefing.
The venture arm will cut checks of $100,000 to $1 million and invest in web3 startups in seed to Series A rounds globally. It plans to make do anywhere from 40 to 80 investments .
“We will have maybe 30-40% of our portfolio coming from India. Also, our ability to add value to companies from India immediately ends up being way higher. However, our mandate is fairly global,” Jain said.
He added that as capital is fairly commoditised, CoinDCX Ventures differentiates itself by giving its portfolio companies access to a global network and adding value as a crypto-native investor.
“What sets us apart from other crypto VC funds as well is that we are built on top of CoinDCX and we can leverage its capabilities and assets to help our portfolio companies,” he said.