US$ 90 million Series C investment in Primestack Pte. Ltd.

J. Sagar Associates (JSA) advised B Capital in respect of its Series C investment in Primestack Pte. Ltd (“Company”), a company engaged in the business of operating and maintaining cryptocurrency exchange in India under the brand name ‘CoinDCX’ (available on www.coindcx.com), through Neblio Technologies Private Limited, an affiliate of Company. The investment was part of an internal fund raise by the Company, from its existing investors and certain new investors, which also saw participation from Polychain, Block.one, Coinbase Global, JCDP.

The total amount raised by the Company is approximately US$ 90 million, at a valuation of US$1.1 billion, becoming the first Indian cryptocurrency exchange to achieve unicorn status amid regulatory uncertainty over crypto assets and cryptocurrency exchanges in India.

B Capital was one of the lead investors in the current financing round. The Company, inter alia, intends to use the proceeds of the round to enlarge its footprint and products portfolio.

JSA team comprised Lead partner – Manvinder Singh, Senior Associate – Anant Mishra, and Associate – Vishakha Singh.