CoinDCX announces Rs 111 crore ESOP buyback for over 500 employees; founders say, 'We've come a long way'

Mumbai-based crypto exchange CoinDCX has announced its largest-ever Employee Stock Ownership Plan (ESOP) liquidity event, a Rs 111 crore buyback that will benefit more than 500 current and former employees.

The move comes four months after CoinDCX received an undisclosed investment from Coinbase at a post-money valuation of $2.45 billion. Its last major funding round was in April 2022, when it raised $135 million at a valuation of over $2 billion.

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX, which claims to serve over 2 crore users across India and the UAE, supports more than 500 crypto assets and 200 trading pairs, catering to both retail and institutional investors.

The company operates under the DCX Group, which includes CoinDCX Ventures and Okto, its Web3 wallet platform with over 2 crore users. In 2024, it expanded into the Middle East and North Africa region through the acquisition of BitOasis, marking its first major international foray.

CoinDCX has also sought to position itself on the compliance front. It became one of the first Indian crypto exchange to register with the Financial Intelligence Unit – India (FIU-IND) and has made its Proof of Reserves and Liabilities public, steps aimed at building transparency in a sector that has faced regulatory scrutiny.

Commenting on the buyback, Sumit Gupta, co-founder of CoinDCX, said, “The Indian crypto industry has navigated an incredibly demanding landscape, particularly as we work toward a more defined regulatory framework. Yet, despite these headwinds, CoinDCX has emerged stronger and more resilient than ever. This is a testament to the unwavering trust of over 2 crore customers in India and the UAE, and the steady support of our investors and ecosystem partners.”

“We’ve come a long way and have been building with long-term conviction, but honestly against the scale of our mission and ambitions, this is still Day One. The future of finance is transparent, inclusive, and decentralized. To the 500+ people participating in this buyback: Use this to fuel your next personal milestone. Thank you for the trust, the resilience, and the relentless focus. Let’s continue building with the same rigor as always. Onward and upwards,” the founders added.