Savings to keep them up for just three months and struggling to pay rent, this IITian build India's most valuable crypto firm.
Sumit Gupta and his college friend Neeraj Khandelwal started their business in 2018 from a small flat in Mumbai. They had savings to keep them up for just three months and were struggling to pay rent for their small flat. But within three years they produced a billion dollar company which became India’s first crypto unicorn and the most valued cryptocurrency business in the country today.
Sumit Gupta is an alumnus of the prestigious Indian Institute of Technology (IIT) Bombay where he pursued BTech and MTech degrees. He then worked with the Japan-based electronics and technology giant Sony. Around 2014, he began to realise the power of blockchain technology and its scope as the Bitcoin frenzy took over the world.
This led to discussions with his long-time friend Neeraj Khandelwal. The duo knew each other from their JEE (Joint Entrance Exam) preparation days in Kota and then got through to IIT-B together. Neeraj was involved in his family business. They studied the market for around four years before starting their company, CoinDCX, in 2018 from an old flat in Mumbai.
Gupta is the CEO of CoinDCX. They tackled initial hurdles with the crypto market in India at a premature stage, kept afloat during the Covid-19 pandemic before reaching a valuation of $1.1 billion in 2021. They built a centralised platform for cryptocurrency trading, becoming an aggregator company for products and services. The company today has a workforce of over 600 persons and 1.5 crore customers. With another round of funding, Gupta’s company reached a valuation of over Rs 16,000 crore ($2.15 billion) in just four years of inception in April 2022.
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