Ikigai, JSA assist funding of India’s first crypto exchange unicorn

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Ikigai Law, J Sagar Associates (JSA) assist funding of India’s first crypto exchange unicorn

Ikigai Law advised fintech company Primestack, which operates and maintains cryptocurrency exchange CoinDCX, when it raised INR6.7 billion (USD90 million) in series C funding.

The round was led by B Capital Group and included existing investors Coinbase Ventures, Polychain, Block.one and Jump Capital. J Sagar Associates (JSA) advised B Capital Group.

The deal, which was announced on 10 August, values the company at USD1.1 billion, making it the first Indian crypto exchange to reach unicorn status.

Ikigai Law’s team comprised counsel Nimisha Dutta and managing partner Anirudh Rastogi. JSA’s team was led by partner Manvinder Singh and included senior associate Anant Mishra and associate Vishakha Singh.

Primestack said it would use the funds to make crypto a popular investment asset class in India, and to strengthen its workforce. While regulatory uncertainty over cryptocurrency assets and exchanges persists in India, in 2020 CoinDCX – along with three other cryptocurrency exchanges – successfully challenged a controversial 2018 circular of the Reserve Bank of India that had stifled crypto activity in India.