CoinDCX Announces Record ESOP Liquidity Event

CoinDCX has revealed its largest ESOP (Employee Stock Ownership Plan) liquidity event, valued at Rs 111 crore. This strategic buyback is set to create wealth for over 500 employees, both current and former, of the Mumbai-based firm. This announcement follows a recent investment from Coinbase, which took place four months prior and valued CoinDCX at $2.45 billion post-money.

Previous Funding and Current Developments

The company’s most recent significant funding round occurred in April 2022, when it successfully raised $135 million, attaining a valuation exceeding $2 billion. Sumit Gupta, the co-founder of CoinDCX, commented on the buyback, highlighting the challenging landscape that the Indian crypto industry has had to navigate. He noted that, notwithstanding these challenges, CoinDCX has come out stronger, owing much to the trust of its over 20 million customers in India and the UAE. He also appreciated the unwavering support of their investors and ecosystem partners.

Services and Expansion

Since its establishment in 2018, CoinDCX has been delivering crypto trading and investment services to a vast user base of over 20 million across India. The platform boasts support for more than 500 crypto assets and 200 trading pairs, catering to both retail and institutional investors. In 2024, CoinDCX expanded into the Middle East and North Africa (MENA) region through the acquisition of BitOasis.

Structure and Other Activities

CoinDCX operates under the DCX Group, which also encompasses CoinDCX Ventures and Okto, its Web3 wallet platform, which serves over 20 million users. This announcement marks the fourth significant ESOP buyback in 2026. Recently, Cashfree executed an ESOP buyback for over 400 employees, healthtech firm Innovaccer completed a buyback estimated at $75 million, and SaaS unicorn BrowserStack introduced a $125 million ESOP liquidity initiative.

Comparative ESOP Activity

For context, ESOP buyback activities in 2025 were muted, amounting to just over $75 million. In contrast, total ESOP buybacks, payouts, and liquidity in 2024 reached approximately $190 million, which is substantially lower than the $802 million reported in 2023, the $440 million in 2021, and the $200 million in 2022.