India’s crypto unicorn CoinDCX has no immediate plans for IPO

CoinDCX reached a $1.1 billion valuation by raising $90 million in a Series C funding round in August.

India’s largest cryptocurrency exchange, CoinDCX, has no immediate plans for a public listing as the regulatory environment in the country remains uncertain.

CoinDCX has no definitive route or clause as to when to go ahead with a potential initial public offering (IPO), the firm told Cointelegraph in an official statement on Nov. 29.

“Any growing company aspires to take an IPO route in due course. We at CoinDCX also have similar aspirations. We would like to reiterate that there is no immediate plan in the foreseeable future to announce an IPO,” a spokesperson said.

The latest announcement adds to the claims of CoinDCX co-founder Neeraj Khandelwal who earlier today claimed that CoinDCX would pursue an IPO “as soon as the government or the situations allow” the exchange to do so. Khandelwal said in a Bloomberg interview that CoinDCX would decide on a “precise timeline” depending on upcoming government regulations.

The spokesperson for CoinDCX emphasized that the focus of the Bloomberg interview was to “discuss the regulatory framework in India about the crypto bill being tabled in the parliament.”

CoinDCX is one of the largest crypto companies in India. In August, CoinDCX raised $90 million in a Series C funding round, becoming the first crypto business in India to reach unicorn status. 

According to local reports, India’s finance minister Nirmala Sitharaman declared on Nov. 29 that the government has no plans to recognize Bitcoin (BTC) as a currency. She also noted that the government does not collect data on Bitcoin transactions.

Related: Experts divided on how far India’s ‘private crypto’ ban will go

The latest news follows years of uncertainty around cryptocurrency regulation in India as the industry remains unregulated after the central bank of India attempted to ban crypto in 2018. Earlier this year, several supposed government-linked sources stoked fears of another upcoming crypto ban, suggesting that the Indian government was planning to impose a blanket ban on the industry.