Sumit Gupta and Neeraj Khandelwal studied at IIT Bombay and started CoinDCX in 2018. India's central bank had earlier barred banks from serving crypto firms, and buying Bitcoin there was still hard.
Coinbase made its first investment in 2020. In August 2021 CoinDCX raised $90 million at a $1.1 billion valuation, becoming India's first crypto unicorn. From 2022 India added a 30 percent tax on crypto gains and a 1 percent TDS, which cut trading volumes.
In July 2024 CoinDCX bought the Dubai-based BitOasis. In July 2025 about $44 million was stolen in a hack. On 29 July 2025 Gupta denied a report that Coinbase would acquire the exchange for under $1 billion.
In FY25 CoinDCX reported operating revenue of Rs 559.6 crore, up 43 percent, and a net profit of Rs 1.7 crore. Coinbase invested again in October 2025 at a $2.45 billion post-money valuation.