‘Aapli ST’ is a new mobile application that the Maharashtra State Road Transport Corporation (MSRTC) has released to let people commute more conveniently and easily. The software helps commuters avoid lengthy waits at bus stops by providing real-time bus location information.
The app’s Passenger Information System (PIS) now allows users to view real-time bus changes. By displaying each bus’s scheduled departure time (STD) and estimated arrival time (ETA), passengers can more precisely plan when to arrive at the bus stop.
Key Highlights of Aapli ST
By entering the bus number or ticket number, users may track buses, check schedules between two locations, and locate the closest bus stop with the app. Passengers who purchase their tickets in advance will find this extremely helpful. Because passengers can get to the stop right before the bus arrives, this technique will help cut down on needless waiting periods, according to an MSRTC spokesperson.
The ‘Aapli ST’ app is accessible to users of both Android and iPhone. Currently available for download from the Play Store as the “MSRTC Commuter App”, it will soon be available on app stores as “Aapli ST”. The software has scheduling and monitoring capabilities as well as an emergency contact list. With just one click, passengers can dial these numbers, adding an extra degree of security to their trip.
MSRTC Planning to Add More Features to Aapli ST
In order to facilitate bus tracking for passengers who reserve seats, MSRTC is also planning to integrate live tracking with its ticket booking system. More dependable and transparent service will be possible with this update. On the festival of Dussehra, State Transport Minister and MSRTC Chairman Pratap Sarnaik formally unveiled the app.
The software was created with assistance from Rozmalta Autotech Ltd and presently tracks more than 12,000 buses on more than 1 lakh routes throughout Maharashtra. In the near future, MSRTC intends to add all of its buses to the app’s coverage. Passengers were encouraged by Minister Sarnaik to provide comments and report any technical difficulties with the app. According to him, the software will be improved based on user feedback to increase its efficacy.
Quick Shots
•Aapli ST provides live bus locations, STD
(scheduled departure), and ETA (estimated arrival) to help plan travel.
•Aapli shows real-time updates and route details to
reduce waiting times at bus stops.
•MSRTC plans to connect live tracking with the
booking system for smoother travel experience.
•Available on Android and iOS (currently listed as
“MSRTC Commuter App”, soon as “Aapli ST”).
•More features to be added based on passenger
feedback to improve functionality and reliability.
According to reports, the Maharashtra State Road Transport Corporation (MSRTC) will introduce a passenger app that is based on an aggregator and will provide transport services on a single platform.
One App, Multiple Rides: Buses, Autos, Taxis & E-Buses
According to PTI, the app would let users schedule rides for buses, autorickshaws, taxis, and e-buses. It is being developed under the aggregator policy of the federal and state governments. This statement was made earlier this week at a high-level meeting by state transport minister Pratap Sarnaik. The app would be called “Chhava Ride”, according to the report.
Revenue Opportunity for MSRTC Through Digital Transformation
According to various media reports, Sarnaik stated that the MSRTC was the most qualified entity to run the app, which is anticipated to create a new source of income for the transportation agency while offering passengers a reliable and open service.
State Cracks Down on Unlicensed Private Aggregators
Nearly a week has passed since the minister blasted the current private aggregators for taking advantage of both drivers and passengers. The state government of Maharashtra launched a crackdown on Uber Shuttle and other bus aggregators in mid-July for operating without the required licenses.
Policy Challenges for Ola, Uber, Rapido in Maharashtra
Additionally, when the federal government announced the Motor Vehicle Aggregator Guidelines (MVAG) 2025 earlier in July, it required ride-hailing aggregators to meet the goals set for the proportion of electric vehicles in their fleet.
Aggregator Cabs Policy 2025, which was passed by the Maharashtra government in May, stipulated that drivers who cancel rides would henceforth be required to pay a fee, which should then be promptly credited to the rider’s account.
Auto Unions and Local Startups Fill the Gap
In June, the software development firm Metazen Labs and the autorickshaw unions Seva Sarathi Autorickshaw Taxi & Transport Union (SSATTU) of Mumbai jointly released Yatri Mitra, a new auto booking app for commuters in Thane and Mumbai. Earlier this March, the Centre announced the launch of a new state-backed ride-hailing service dubbed “Sahkar Taxi,” which will compete with industry titans like Ola, Uber, and Rapido.
Regulatory Clash: Maharashtra Government vs Ride-Hailing Giants
The ride-hailing app Rapido recently applied for a licence to provide bike taxi services in the state from the local transport authority but was turned down. It then filed a challenge to the notification with the Bombay High Court (HC).
The company was ordered to cease its bike taxi services for operating without a licence by the HC, which also denied the petition. The state’s bike taxi policy has been in uncertainty ever since.
In the meantime, ride-hailing platform taxi drivers in Mumbai are still demonstrating in favour of quicker aggregator policy implementation and pay parity with traditional taxi drivers.
According to reports, the Maharashtra transport department has filed a lawsuit against bike taxi platforms for operating unlawfully in the Mumbai metropolitan area. The Maharashtra transport department reported to a news source that 123 bike taxi drivers operating in the area were the subject of complaints filed by regional transport offices (RTOs).
Out of this, 76 two-wheelers were seized in accordance with the Motor Vehicles Rules provisions. Twenty flying squads of RTOs from Mumbai, Thane, Vasai, Vashi, and Panvel carried out the activity during a drive.
The department allegedly claimed in a statement that the ride-hailing services that were the target of the action were operating unlawfully and without official approval.
According to the government, the inquiry showed that there were app-based bike taxi businesses operating all throughout the city. In addition to costing the government money, this also made passengers more concerned about their safety.
Transport Department Receives Numerous Complaints
Numerous complaints about the unlawful operation of bike taxis in the city are said to have prompted the crackdown. This almost immediately follows the release of a government resolution by the Maharashtra government that emphasised new regulations to control online aggregators and bike taxi companies in the state under the Motor Vehicles Act, 1988.
To provide such services, the Act requires the appropriate permits. This comes weeks after Pratap Sarnaik, the transport minister for Maharashtra, pretended to be a driver and discovered obvious flaws in the way the city of Mumbai’s bike taxi ban was being implemented.
According to reports, Sarnaik used Rapido to reserve a bike taxi in order to confirm a senior official’s assertion that the app and illicit bike taxi services were not working. Nevertheless, over the past two years, bike taxis have been prohibited throughout Maharashtra. The state government outlawed these services in January 2023 and instructed aggregators to apply for an operating licence.
Tug of War Between Maharashtra Government and Ride Hailing Platforms
The ride-hailing app Rapido recently applied for a licence to provide bike taxi services in the state from the local transport authority but was turned down. It then filed a challenge to the notification with the Bombay High Court (HC).
The company was ordered to cease its bike taxi services for operating without a licence by the HC, which also denied the petition. The state’s bike taxi policy has been in uncertainty ever since.
In the meantime, ride-hailing platform taxi drivers in Mumbai are still demonstrating in favour of quicker aggregator policy implementation and pay parity with traditional taxi drivers.
The Maharashtra government is once again targeting ride-hailing services like Uber, and this time for its bus service.
Pratap Sarnaik, the transport minister of Maharashtra, reportedly vowed a crackdown on Uber Shuttle and other aggregator bus operators for failing to obtain a government permit for the service, a week after he pretended to be a rider and discovered violations in Mumbai’s bike taxi prohibition.
According to a media outlet, the minister stated that severe measures would also be implemented against senior RTO officials who are in charge of “not taking action” against aggregator buses and bike taxis that are operating unlawfully in the city. In addition to Uber Shuttle, Cityflo, an aggregator bus operator, was also under governmental scrutiny for failing to get a permit.
“When I questioned RTO representatives, they informed me that they had sent notices to the bus aggregators and were awaiting a response. However, they ought to carry out raids, punish them, or terminate the services,” Sarnaik stated.
In the interest of commuters, he also emphasised the necessity of a policy for bus aggregators. He went on to say that in order to benefit a greater number of commuters, the government must create a policy for bus aggregators. However, permitting unlawful app-based bus operations has to be stopped.
Uber Shuttle May Disappear from the App
Following the news, Uber Shuttle services might be suspended and removed from the app, according to a media story that quoted sources. Many aggregator-controlled buses may stop operating out of concern for RTO action, according to a different article published by the daily on 10 July.
According to the report, more than 450 buses are run by bus aggregators like Cityflo, Uber Shuttle, and others in Mumbai. Rapido was found breaking Maharashtra’s bike taxi prohibition last week by the transport minister.
To confirm a senior official’s assertion that the app and illicit bike taxi services are non-operational, Sarnaik made a reservation for a bike taxi on Rapido in Mumbai on July 3 using a different identity.
In contrast to the assertion, a bike taxi driver arrived quickly to collect the minister from the designated pickup location. The driver was counselled by the minister upon his arrival over the unlawful service, but he was not prosecuted.
Tug of War Between Maharashtra Government and Rapido
The controversy around bike taxis began in January 2023 when Maharashtra outlawed them and ordered the platforms to apply for a licence to operate there. Rapido then applied for a licence to provide bike taxi services in the state from the local transport department but was turned down.
Following the department’s denial of the authorisation to function as a bike taxi aggregator, the ride-hailing app filed a challenge against the notification in the Bombay High Court. After learning that Rapido was operating without a permit, the HC also dismissed the aggregator’s request and ordered the business to halt its bike taxi services.
A proposal to let bike taxis operate in the state was accepted by the Maharashtra Cabinet in April. According to Sarnaik, the new policy, which intends to encourage EVs, will only permit electric bike taxis to operate on public highways.
The Maharashtra government published a gazette notice formalising the state’s bike taxi operating regulations following the July 3 incident. Aggregator platforms are required by the Maharashtra Bike Taxi Rules, 2025 notice to obtain a valid licence prior to providing bike-taxi services.
Due to non-compliance with food safety regulations, the Food and Drug Administration (FDA), Maharashtra’s food safety agency, suspended Zepto’s food business licence in Mumbai’s Dharavi area on June 1, 2025, according to a prominent media outlet.
The report claims that during a recent inspection, the food safety agency discovered fungal growth on specific food products, inadequate cold storage temperature control, and a lack of a clear distinction between legitimate and expired goods.
Additionally, the food safety regulator discovered that some food items were kept close to some clogged and stagnant water and that the food products were directly stored on damp and muddy floors.
According to the news source, the FDA Minister of Maharashtra, Yogen Kadam, provided information that prompted the food safety inspection.
Zepto’s Negligence Leads to a Stringent Action
Kiranakart Technologies, the firm that runs Zepto, was found to have violated the Food Safety and Standards Act (2006) and the Food Safety and Standards (Licensing and Registration of Food Businesses) Regulations, 2011, according to a news site story that cited the government.
According to a statement from the Maharashtra FDA that was quoted in the news article, the results show that the license’s terms have not been followed. Thus, in accordance with Section 32(3) of the Food Safety and Standards Act, 2006, and Regulation 2.1.8(4) of the Licensing and Registration Regulations, 2011, Assistant Commissioner for Food Anupamaa Balasaheb Patil issued an order for immediate suspension.
The authorities also stated that unless the facility reaches complete compliance and receives approval from the licensing authority, the food activities would continue to be suspended.
Zepto Now Filling the Rectified Gaps
In reaction to the news site, Zepto stated that they are dedicated to “rectifying” the “lapses identified” and implementing the required corrective actions in order to resume operations in the area.
A representative for the company formally said that it is dedicated to fixing the flaws found and fortifying its procedures in order to give customers the highest and safest-quality products possible. Zepto is taking the required corrective action to get back to business as soon as possible in compliance with legal requirements and regulatory requirements.
Zepto is committed to upholding the highest standards of food safety and cleanliness. In order to guarantee complete and prompt compliance, the spokesman further stated that the company has already started an internal examination and is collaborating closely with the relevant authorities.
Zepto’s food licence suspension by the FDA is the most recent in a string of setbacks for the firm. Zepto recently suspended Zepto Cafe at 44 locations and witnessed a strike by its delivery partners in Hyderabad, both of which will have an effect on the company and its prospects for future expansion.
These setbacks occur while the business is getting ready to go public and has been accumulating capital from domestic investors to create a corporation that is entirely owned by Indians.
According to reports, EV powerhouse Tesla is getting closer to entering India by establishing an assembly plant in Satara, Maharashtra. According to a media report, the Elon Musk-led company plans to establish a completely knocked down (CKD) plant to assist in controlling the import duties on its components.
CKDs are assembly plants that enable local assembly capabilities for a business by shipping all of the various completed components of a car from various locations. This comes a few months after it was revealed that the Andhra Pradesh government has been working tirelessly to get the multinational EV manufacturer to invest by offering incentives and that its economic development board had even produced a pitch for the purpose.
However, the attempts appear to have failed. According to the aforementioned article, which cited a source, Tesla was in negotiations with Megha Engineering, a company based in Hyderabad, and other businesses to purchase property in a joint venture for its CKD initiatives. However, the talks were unable to proceed.
Tesla to Launch EV by Last Quarter of Current Fiscal Year
By the end of the current fiscal year, it is anticipated that Tesla will be able to introduce its own constructed EVs. The development coincides with the resignation of Prashanth Menon, the leader of Tesla’s India division.
According to additional reports, Menon has called for his resignation for personal reasons. It was previously reported that Tesla had received land offers from the state of Maharashtra in places like Chakan and Chikhalin, which are close to Pune. With domestic companies like Mahindra and Tata Motors operating there, Chakan is regarded as a centre for Indian automakers. Cooper Corporations, a supplier of vehicle components, is also based in Satara.
Tamil Nadu and Gujarat were among the other states vying to host Tesla’s manufacturing facility. The amount of land that Tesla will purchase for its assembly plant project is currently unknown.
Tesla has already decided on locations for its shops in Delhi and Mumbai. It has also signed an agreement with EFC, a coworking space organisation, to lease a 30-seat office space in Mumbai’s Bandra-Kurla Complex (BKC) for INR 3 lakh per month. On its website, Tesla states that it is also seeking Indians for a minimum of thirty different roles.
India’s New EV Policy Providing Favourable Business Environment to Tesla
The country’s new EV regulation has made it more conducive to Tesla’s commercial success, and the company’s efforts to enter India have accelerated. According to a new regulation that was implemented in March of last year, businesses who agree to establish manufacturing facilities in the nation will be required to pay a reduced charge on EV imports.
According to the proposal, companies that agree to invest at least INR 4,150 Cr (about $500 Mn) in India to establish manufacturing facilities will have their import duties on vehicles with a cost, insurance and freight (CIF) value of $35,000 or more lowered by 15% for five years.
In an effort to draw in foreign investment, India is also seeking to lower import taxes on 35 components needed in the production of EV batteries.
Under the leadership of Chief Minister Devendra Fadnavis, the Maharashtra Cabinet has approved the new electric vehicle (EV) policy 2025. The new policy aims to increase the state’s manufacture and use of electric mobility.
The policy will be in place till 2030 and will be implemented with INR 1,993 Cr during the following five years. According to a media report, the new EV policy will waive tolls for certain electric vehicles travelling on highways. In addition, subsidies will be offered for the purchase of these vehicles in an effort to reduce air pollution.
According to the article, Fadnavis stated that the state government has authorised a new EV policy that will provide incentives for passenger EVs. The state should see a rise in EV production and usage.
Additionally, the policy prioritised the adoption of the clean mobility transition model by providing incentives to individuals who transitioned to electric vehicles until 2030.
Charging Infrastructure will be Strengthened
According to the CM, the new EV strategy would also boost the state’s charging infrastructure and put charge stations on national highways every 25 kilometres.
Under the new policy, electric two-wheelers, three-wheelers, private four-wheelers, buses operated by the state transport corporation, private buses and transport projects run by civic organisations will all be eligible for a 10% purchase price reduction.
This apparently follows the Delhi government’s consideration of providing a purchase subsidy of up to INR 30,000 for the purchase of two-wheeler EVs as part of its future Electric Vehicle Policy 2.0.
Centre to Shorten Time For EV Subsidy Settlement
According to reports, the Ministry of Heavy Industries (MHI) intends to cut the 40-day processing period for EV subsidy claims to just five days. The Centre aims to resolve technical bottlenecks and expedite verification procedures in order to carry out such a move.
Under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) programme, the government is taking this action in an effort to reduce the backlog and guarantee the prompt distribution of EV subsidies.
There is already a massive backlog of 126,000 pending subsidy claims for 2024–2025. There are 109,000 claims for e-2Ws alone out of 893,000 claims altogether.
Face authentication concerns have been blamed for these delays since buyers’ appearances may differ from their Aadhaar images, which makes identity verification difficult. One of the MHI’s main initiatives to hasten EV adoption and build out supporting infrastructure nationwide is the PM E-DRIVE Scheme.
The programme will replace previous programmes like FAME and EMPS-2024 and has a budgetary investment of INR 10,900 CR. It will run from October 2024 to March 2026.
In a move that will help single passengers going up to 15 km, the Maharashtra cabinet approved the introduction of electric-bike taxis on 1 April. The approval has been given for towns with a population of at least one lakh. This decision will encompass Mumbai as well as numerous other major centres in the state. According to state Transport Minister Pratap Sarnaik, the initiative will generate over 10,000 jobs in the Mumbai Metropolitan Region (MMR). Apart from that, it will create an additional 10,000 jobs throughout the state. He told reporters that e-bikes that have a suitable barrier between the front and rear riders and a roof cover for monsoon weather will be permitted to transport passengers. Sarnaik made the remark following the approval of the plan to introduce electric-bike taxis in major cities at a weekly cabinet meeting.
Revenue Model Yet to be Finalised
According to Sarnaik, the cabinet has simply authorised the policy for the introduction of e-bike taxis. However, a revenue model is now being finalised and will be revealed shortly. The minister emphasised that passenger security and reasonable rates will be the top priorities. Generally speaking, a “bike taxi” is a ride-hailing service that transports customers on motorcycles or other two-wheeled vehicles. Children of taxi and autorickshaw drivers who work for government-approved companies and boards are eligible to apply for e-bike taxis, according to Sarnaik. A grant of INR 10,000 would be provided to them, and they may borrow the remaining sum. He went on to say that this is the first step in making Maharashtra pollution-free.
Tariffs will be set by the government. If one traveller must pay INR 100, the government will try to find ways to make it cost about INR 30 to 40, added the minister. The state government is carrying out a number of projects to offer citizens cutting-edge transport services, according to a statement from the Chief Minister’s Office (CMO). E-bike taxis will now be permitted to operate in cities with a population of at least one lakh people after the cabinet approved the policy as part of this endeavour, according to the statement.
Guidelines that these E-bike Taxis Need to Follow
These vehicles need to be legally permitted, insured under the Motor Vehicles Act, and have a current fitness certificate. According to the official statement, the relevant Regional Transport Authority (RTA) will set the rates for e-bike taxis. The statement went on to say that bike taxis will prioritise passenger safety while offering a convenient and reasonably priced commuting choice. Only electric bike taxis are allowed to function in the transportation industry under this legislation. This project will help individuals save time on their commutes, cut down on pollution and traffic, and provide an affordable last-mile connectivity option. Furthermore, it will generate new job prospects. E-bike taxis can only be operated by drivers who are between the ages of 20 and 50. For increased convenience and safety, female passengers would be able to select drivers of their own gender, the statement further added.
The telecom departments of Andhra Pradesh and Maharashtra have fined telecom major Bharti Airtel around INR 8 lakh. Bharti Airtel stated in an exchange filing on February 20 that it has been fined INR 6.59 lakh by the Andhra Pradesh telecom department for allegedly violating subscriber verification standards. The business added that Maharashtra authorities had fined it INR 1.37 lakh for allegedly breaking the rules governing electromagnetic field (EMF) self-certification. The filing explained the cause for the Andhra Pradesh telecom department’s penalty and the alleged infringement of terms and conditions with regard to subscriber verification criteria under the License Agreement, as per the Sample CAF Audit carried out by DoT for December 2024. However, the business clarified that the “maximum financial impact” of the two fines is only as much as the penalty that was assessed. The penalty warnings were sent to Airtel on February 20.
ICIL Selling its Stakes in Bharti Telecom
The aforementioned development follows the company’s announcement that Indian Continent Investment Limited (ICIL), a promoter-group business, had sold 5.11 Cr shares, or 0.84% of Bharti Airtel, in a market transaction valued at INR 8,485.11 Cr. In a subsequent exchange statement, the business stated that this deal comes after Bharti Telecom recently purchased an extra ~1.2% (~7.31 Cr. shares) in Airtel from ICIL in November 2024. This strengthens Bharti Telecom’s previously declared intention to become the primary vehicle to hold a controlling stake in Airtel, as it now owns approximately 40.47% of the company. Notably, Airtel and Vodafone Idea agreed to buy out all of their shares in Firefly Networks, their joint venture, to iBus Network and Infrastructure last month.
Financial Dynamics of Airtel
In the meantime, Airtel declared a net profit of INR 14,781 Cr for the third quarter (Q3) of the fiscal year 2024–25 (FY25), which is 505% more than the INR 2,442 Cr it reported for the same period last year. Additionally, the company’s sales increased by 19% from INR 37,900 Cr in Q3 FY24 to INR 45,129 Cr in the fiscal year under review. During the quarter, the telco’s average revenue per user (ARPU) was INR 245, compared to INR 208 in the third quarter of FY24. Additionally, the business teamed up with Bajaj Finance last month to provide their clients with digital financial services.
According to a media report, of the 37 analysts that follow the company, thirty have a “buy” rating on the stock, three recommend a “hold,” and two recommend a “sell.” An upside of 13.2% is shown by the average price estimate of analysts over the last 12 months.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organisations. The content in this post has been approved by CoinDCX.
A massive increase in the number of internet users has reactivated virtual world concepts and spawned a new market phenomenon known as cryptocurrency to enable financial transactions such as purchasing, selling, and trading.
Cryptocurrencies are digital representations of precious and intangible objects that can be used in a variety of applications and networks, including online social networks, online social games, virtual worlds, and peer-to-peer networks.
In recent years, virtual currency has been widely used in a variety of schemes. It’s clear that cryptocurrencies are an important and rising element in today’s digital economy.
CoinDCX is a cryptocurrency trading site, which is famous as one of India’s biggest cryptocurrency exchanges. The company earned the unicorn status by raising $90 million on August 10, 2021, and turned into India’s first unicorn crypto startup.
Here we will delve deep into the CoinDCX company, where you will find all about CoinDCX, CoinDCX Founders, its Funding, Investors, Mission, Vision, Business and Revenue Model, Challenges Faced, Future Plans, and more. So, stay glued.
Billed as India’s largest and safest cryptocurrency exchange platform, CoinDCX allows users to legally exchange various cryptocurrencies. It is built for all types of traders, taking into account their trading background, risk tolerance, and trading frequency, allowing customers to trade their crypto assets according to their requirements.
CoinDCX is a company that is working on a cryptocurrency trading network. The business is focused on developing cross-border financial services that ensure a smooth and continuous flow of resources. The trading experience is quick, reliable, and effortless thanks to its liquidity, powerful wallet, and impenetrable protection. CoinDCX has given its traders access to a variety of industry-first products that enable them to trade using exchange liquidity.
Currently, CoinDCX Go offers a range of tokens in INR pairs such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), Chainlink (LINK), EOS (EOS), Tether (USDT), Cardano (ADA), Stellar Lumens (XLM), Ripple (XRP), Basic Attention Token (BAT), Matic Network (MATIC), Tron (TRX) etc.
CoinDCX announced its 3rd birthday on April 7, 2021. Three years ago, CoinDCX has begun an exciting journey of providing cryptocurrency trading and exchange services to the general public. The Reserve Bank of India (RBI) declared a banking ban for cryptocurrency and related entities around the same time. In addition, India’s crypto industry was in desperate need of a shake-up. It was enough to keep the momentum going, and CoinDCX began with a single goal in mind: ‘Cryptocurrency Adoption.‘
The services of CoinDCX are tailored to fit all styles of traders, taking into account their trading history, risk tolerance, and frequency of trading. The company’s mission is to democratise finance and make investing more accessible to the general public.
CoinDCX announced the launch of CoinDCX Go app on January 20, 2021. A future Bitcoin app that allows users to legally purchase Bitcoin and other common cryptocurrencies with a single click, CoinDCX Go stands as a simple, safe, and secure method to invest in cryptocurrencies.
CoinDCX – Industry
CoinDCX is a part of the cryptocurrency industry, which is growing at an unimaginable pace across the globe. Looking at the global cryptocurrency industry, we can discover that it reached a valuation of $1,782 billion in 2021. The same sector is predicted to grow at a CAGR of 58.4% and will reach $32,420 billion by 2027. While looking at the growth of cryptocurrency in India, the same industry is inching to touch a valuation of $241 million by 2030, as of December 2021.
CoinDCX – Founders and Team
CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal in April 2018.
Founders of CoinDCX – Sumit Gupta and Neeraj Khandelwal
Sumit Gupta
Sumit Gupta is known as the Co-founder and CEO of CoinDCX. Sumit holds a B.Tech in Electrical and Electronics, and an MTech degree in Electronics and Signal Processing, from IIT Bombay. He served as a Data Research Analyst at Columbia Business School before joining Sony as a Software Engineer. However, he left the role after a little more than a year and co-founded ListUp before leaving it too and founding CoinDCX.
Neeraj Khandelwal
Neeraj Khandelwal is another Co-founder of CoinDCX, who also serves as CTO of the company. Khandelwal also is an alumnus of IIT Bombay, who completed his graduation in Electrical Engineering from the same university. It is Khandelwal who leads the technical development of the CoinDCX products.
The CoinDCX team created the entire platform from the ground up. Full-stack developers, blockchain developers, machine learning engineers, app developers, software engineers, and data scientists make up the 100+ members team, giving them the expertise to incorporate any innovative logic or functionality in our market. CoinDCX plans to have a workforce consisting of 200+ members soon.
CoinDCX – Startup Story
Sumit Gupta first learned about distributed ledger technology when Bitcoin mining was gaining popularity. This is when the concept of putting together different decentralised marketplaces and cryptocurrencies, which serve as the marketplace medium of exchange, stayed with him.
He then reached out to his friend Neeraj Khandelwal, with whom he worked to bridge the crucial market gaps between this emerging technology and global consumers. The duo realised that blockchain traders, who could keep track of thousands of crypto trades every second, lacked a single trading network. In April 2018, the IIT-Bombay graduates launched CoinDCX as a result of this.
The startup claims to have had a daily trading volume of more than $10M and a monthly trading volume of $400M since its launch. After researching the industry and the potential of crypto technology, they launched the DCX journey with a cryptocurrency exchange in 2018.
CoinDCX – Mission and Vision
CoinDCX mission and vision statement says,
“CoinDCX envisions to enable global financial inclusion of billions of people around the planet with a crypto-based financial services. We aim to make decentralized financial services accessible to the common man on their palms and tips.“
CoinDCX – Name, Logo and Tagline
DCX is a company based in Singapore that specialises in crypto-enabled financial services, and so the name ‘Coin’ DCX is a fitting add-on to let the company ooze of uniqueness.
The CoinDCX business model has established single-point access to trade all cryptocurrency instruments available in over 500 markets, according to the founders. It claims to have developed a highly scalable trade machine engine capable of processing one million transactions per second. Any transaction or exchange on CoinDCX incurs a transaction fee. Deposit fees (charged on exchanging currencies), withdrawal fees, trading commissions (0.01 percent of the overall transaction is normal on any exchange), and listing fees are how CoinDCX makes money, just like any other cryptocurrency exchange.
The trader will convert INR to Cryptos and vice versa on DCXInsta, gain by lending their holdings with DCXlend, and leverage trades with DCXmargin on DCXtrade’s 500+ markets. CoinDCX aspires to be the world’s best cryptocurrency exchange. Its patented liquidity aggregation model gives users access to liquidity from the world’s leading cryptocurrency exchanges.
CoinDCX – Growth and Revenue
CoinDCX is popularly hailed as India’s first crypto unicorn. Founded in 2018, CoinDCX brings easy investing and trading solutions for cryptocurrency-based products for all. This ISO-certified crypto platform, which is insured by BitGo, provides an array of products like CoinDCX, CoinDCX Pro, DCX Learn, Cosmex, and more. It is the only crypto startup in India that has raised 3 CoinDCX funding rounds in less than a year.
CoinDCX witnessed a 45.78% growth in its installed users between October and November 2021 alone. The growth of CoinDCX definitely depends on the innovative ideas on which CoinDCX was founded, its ability to battle with the challenges thrown in, the funding rounds it has witnessed, and the innovative and interesting marketing strategies that CoinDCX executes.
Some more growth highlights of CoinDCX are:
CoinDCX became the first crypto unicorn in India valued at $1.1 billion as of August 10, 2021, with the latest funding round where the former Facebook co-founder, Eduardo Saverin’s B Capital Group took part along with a bunch of the company’s existing investors – Coinbase Ventures, Polychain Capital, Block.one and more. CoinDCX was valued at $2.15+ bn last in April 2022.
CoinDCX has grown its user base from 150K to 400K in just 15 months and currently over 1.4 crores users.
The quarterly trading volume of CoinDCX is over 16,500 users.
CoinDCX has already crossed $10 billion in trading volume in February 2021
It has witnessed a 4X growth Q-o-Q in daily active users
It has listed 500+ coins and 1000+ trading pairs
CoinDCX Revenue, Financials and More
CoinDCX’s Indian business, Neblio Technologies, witnessed a remarkable growth in its net profit in FY21, which rose 9X YoY to become Rs 4.4 crore from Rs 45.6 lakh in FY20.
All of it started with the Supreme Court verdict of March 2020, which lifted the banking ban on the trade of cryptocurrency in India. CoinDCX started seeing quite a growth starting from August 2020 onwards. It noticed a 38% month-on-month (MoM) growth since its inception in 2018. This is due to the fact that more and more Indians started to show interest to participate in the global crypto economy.
The CoinDCX operating revenue surged by more than 527% YoY from Rs 6.2 crore in FY20 to Rs 38.9 crore in FY21.
The expenses also ballooned by more than 7X, which increased from Rs 5.7 crore in FY20 to Rs 40.7 crore in FY21.
CoinDCX Financials FY20-2023
CoinDCX Ventures
CoinDCX launched CoinDCX Ventures with an aim to establish its own venture investment arm on May 10, 2022. The venture investment arm of the Indian crypto-exchange unicorn, CoinDCX Ventures will help the company invest in early and late-stage crypto and blockchain startups. Rohit Jain, a Harvard Business School alum has been appointed by the startup as the Senior Vice President and the Head of Ventures and Investments to lead the CoinDCX Ventures which is designed to strengthen the digital asset ecosystem of India and give a push to the country’s digital economy. According to the Co-founder and CEO of CoinDCX, Sumit Gupta, CoinDCX Ventures is nothing short of a “great milestone”, and that the crypto exchange has plans to invest around Rs 100 crores in CoinDCX Ventures within the next 12 months.
CoinDCX “Earn” Crypto Yield Initiative
CoinDCX has announced the launch of its new initiative on May 26, 2022. This “Earn” crypto yield initiative that CoinDCX launched, will allow the crypto asset holders to earn interests on their crypto assets.
The platform will deploy the assets under ‘Earn’ among the wide array of yield generating options like lending, margin trading, and staking, in order to create returns. This new opportunity to yield income promises no lock-in periods and withdrawals at any moment, thereby offering the customers full flexibility and control over their cryptocurrency assets. However, the tenor must be of seven days.
CoinDCX grew considerably even during the pandemic, speaking about which, Sumit Gupta, the CEO and Co-founder of CoinDCX said in a statement, “This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively.”
If more investors looked into these emerging liquidity alternatives as a result of the global pandemic, interest in digital assets grew steadily. As institutional and individual investors adopt these emerging asset classes to diversify their portfolios, this trend is expected to intensify exponentially, according to analysts.
India is regarded as a developing market for cryptocurrencies, with retail investors aged 25 to 40 spending millions of dollars every day on cryptocurrency trading in the nation. In the April-June quarter of 2020, the exchange says it saw a 3X increase in total volume traded and a 4X increase in daily active users.
“In the end of 2020, interest in digital assets was growing consistently as more investors explored these new liquidity options. With the global events this year, we’re seeing this trend accelerate exponentially, as both institutional and individual investors embrace these new asset classes to diversify their portfolios,” Block.one’s CEO Brendan Blumer said.
CoinDCX – Funding and Investors
CoinDCX has raised around $245 million over 8 Coindcx funding rounds that the company has seen. The last (Series D) round of funding came in on April 19, 2022, and helped CoinDCX raise $135 mn. Pantera Capital and Steadview Capital led this CoinDCX funding round, which helped the crypto unicorn raise its valuation to around $2 billion. The previous round of funding helped the company raise $90 million, which turned the company into an Indian unicorn startup at a valuation of $1.1 billion on August 10, 2021.
The CoinDCX funding till date is as follows:
Date
Round
Amount
Lead Investors
April 19, 2022
Series D
$135M
Steadview Capital and Pantera Capital
August 10, 2021
Series C
$90M
B Capital Group, Coinbase Ventures, Polychain Capital and others
Dec 22, 2020
Series B
$13.43M
Block.one
May 26, 2020
Series A
$2.5M
Polychain
Mar 23, 2020
Series A
$3M
100x Ventures, Bain Capital Ventures, Polychain
Mar 20, 2019
Seed Round
–
Bain Capital Ventures
January 7, 2019
Secondary Market
–
–
March 30, 2018
Seed Round
–
–
CoinDCX has been funded to date by some of the famous venture capitals in the world of startups like Steadview Capital, Pantera Capital, B Capital Group, Polychain Capital, Bain Capital Ventures, and more, which have led to elevating CoinDCX to the position of the first crypto unicorn of India. However, little was known about the shareholding pattern of CoinDCX until now. This is why we have taken a dive into the shareholding pattern of the company.
Here goes CoinDCX shareholding pattern, as of April 29, 2022:
Owning Company/Individual
Percentage of Stakes
Polychain Ventures
19.40%
Block One Investments
18.52%
Neeraj Khandelwal
14.36%
Sumit Gupta
14.36%
Bain Capital
7.13%
Others
6.43%
Jump Capital
3.73%
B Capital
2.96%
Cadenza Capital
2.79%
Steadview Capital
2.38%
Coinbase
2.34%
Uncorelated fund
2.01%
Pantera Blockchain fund
1.46%
Choi Sung Ho
1.11%
Vivek Nagpal
1.01%
The shareholding status of CoinDCX shows that Polychain Ventures owns the highest stakes in the company whereas the co-founders of CoinDCX – Neeraj Khandelwal and Sumit Gupta, have 14.36% of stakes each. Reports say that the collective valuation of the co-founder is over $590 mn.
CoinDCX – Partnerships and Campaigns
CoinDCX Makes Amitabh Bachchan its Brand Ambassador
CoinDCX has seen quite some partnerships that involved Bollywood actors and more. The company didn’t see any brand ambassadors until it partnered with the veteran actor Amitabh Bachchan, who became the first brand ambassador of the brand according to the reports dated October 4, 2021. With this agreement, CoinDCX aims to boost the overall knowledge of crypto and popularise the currency as an emerging asset class. Furthermore, Bachchan is also deemed to be the new face of the latest campaign by CoinDCX.
According to CoinDCX, Bachchan’s personality matches the brand’s values. Amitabh Bachchan, who is always forward in his league, whether it is in movies or anything else, is the paragon of wisdom, which will help the company add more credibility. Besides, the veteran actor has been a crypto investor himself and has already been successful in launching his own NFT (Non-fungible token), thereby gathering a considerable amount of knowledge of the crypto space. “His knowledge will prove valuable in building trust and credibility amongst new users. We are certain that his association with CoinDCX will help bring greater visibility to the world of crypto and develop a strong brand recall for us,” mentioned Sumit Gupta, Co-founder, and CEO of the brand.
CoinDCX is yet to proceed with its ad campaign with Amitabh Bachchan as of October 15, 2021. The company has reportedly put the advertisement campaigns with the legendary actor due to the lack of clarity on the regulation and policy framework. On the other hand, Amitabh has also disclosed in a recent blog post that he will be reconsidering the advertisement campaign signed with the crypto trading major. He had also mentioned that he would be revoking his endorsement with the pan masala brand Kamala Pasand on the same blog.
CoinDCX Ropes in Ayushmann Khurana
The crypto unicorn has roped in celebrated actor Ayushmann Khurana for its new campaign titled “Future Yahi Hain” on October 18, 2021. This CoinDCX campaign is designed to address concerns surrounding crypto investments of Indian audiences.
#BitcoinLiyaKya Campaign
CoinDCX has launched a digital campaign titled #BitcoinLiyaKya, which is a humorous take on the inclusion of cryptocurrencies like bitcoins. This campaign aims to drive more audiences to use bitcoins via companies like CoinDCX.
HAPPY DAY REWARDS Campaign
CoinDCX launched the “HAPPY DAY REWARDS” campaign to fuel its crypto awareness campaign across the country and present crypto as a dominating asset class.
CoinDCX Happy Days
The campaign, which started on 19th September 2021 and ended on October 15, 2021, brought opportunities for numerous eligible new users to win up to Rs 1 lakh worth of Bitcoin (BTC) every day.
Some other partnerships that CoinDCX saw are:
The unicorn crypto startup partnered with BITS Pilani on March 8, 2022, to foster research, development, and innovation in crypto among the students in India.
CoinDCX partnered with Solidus Labs on February 19, 2022. This collaboration is aimed to enhance anti-money laundering protection.
Partnership with Onfido – CoinDCX partnered with Onfido. The UK-based company that has its headquarters in London, is recognised as a world leader in AI for identity verification and authentication and was partnered with by CoinDCX to help the company figure out whether the user identities of the users’ identity documents are authentic.
Partnership with BitGo – CoinDCX collaborated with BitGo in May 2020 to secure Indian crypto trader funds.
CoinDcx partnered with Cryptocurrency Exchange OKEx, with over 50 million users worldwide, OKX is a global spot and derivatives exchange for cryptocurrencies and the second-largest exchange by trading volume.
CoinDCX – Achievements
CoinDcx is rewarded with the following recognitions from industry leaders:
• Great Place to Work Award 2021 & 2022.
• Tech Start-up of the Year Entrepreneur Awards.
• Elite list of Unicorns in India 2021 by Tracxn.
• Next Hottest Product by Amplitude Award.
CoinDCX- LayOffs
According to reports, CoinDcx has decided to direct the company’s growth in the direction of profitability and sustainability; they have let go of 12% (or about 70 employees) of the total workforce. According to Sumit Gupta, CEO of CoinDcx, “…Today, some of our incredibly talented team members will be parting ways with the organization. We are deeply sorry for that and we want to share our thoughts and reasons for the same,”.
Additionally, he added, “As you all know, startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges. These factors had a significant impact on our volumes and thus revenues. To adapt, we undertook several proactive measures, including direct cost optimization and investment in automation to drive efficiency and productivity”
CoinDcx underwent internal reorganisation earlier in January, but it denied that any employees were laid off as a result of the process.
CoinDCX – Challenges Faced
CoinDCX was launched in 2018, and in the same year, RBI announced a banking ban on the transactions of cryptocurrencies. This ensured the shutdown of cryptocurrency startups in many parts of India, however, CoinDCX was one of the exceptional players who contested this ban, which finally, in March 2020, was invalidated by the Supreme Court of India. This lifting of the ban helped CoinDCX grow its user base from 150K to 400K investors on its exchange.
As the price of Bitcoin, the world’s leading cryptocurrency, dropped dramatically to a multi-month low, Indian cryptocurrency exchanges WazirX and CoinDCX experienced hour-long outages. Bitcoin’s price fell 30% in a few hours to $31,000 on May 19th, 2021. Many investors tried to sell their crypto assets to prevent large losses when the price fell, but they were unable to do so because WazirX and CoinDCX’s servers crashed, denying those trades.
Other investors attempted to purchase cryptocurrencies when the price was low, but their purchases were unsuccessful, resulting in a loss of valuable time before Bitcoin’s price rebounded to $40,000. Several investors converted their cryptocurrencies to Indian rupees and requested withdrawals, but stated that the funds were withdrawn from their crypto wallets but not reflected in their bank accounts.
Due to high user traffic we are aware some of our users like yourself might be experiencing issues related to services on our website and our Apps.
We are thankful for your patience and regret any inconvenience this may cause to you.https://t.co/W6oS8yz55v
— CoinDCX: Making Crypto Accessible to Indians (@CoinDCX) May 19, 2021
Following an informal advisory from the Reserve Bank of India, many Indian banks have stopped providing services to Indian crypto companies (RBI). Despite the Supreme Court’s decision in March 2020 to overturn the RBI’s 2018 circular prohibiting banks from offering services to crypto exchanges, this is still the case.
The current accounts of crypto companies have been suspended by ICICI Bank, one of the last few large lenders to provide services to them. Payment gateways for merchants buying or selling cryptocurrencies have reportedly been told by the private sector lender to turn off its net banking services.
CoinDCX was Questioned by ED in Relation to FEMA
The Enforcement Directorate (ED) has been working on an ongoing Foreign Exchange Management Act (FEMA) to verify whether or not the Indian cryptocurrency companies are engaged in foreign currency offences. CoinSwitch Kuber has also been notified by ED in relation to the same. The ED has already questioned Sumit Gupta, the founder of CoinDCX, at its headquarters in Bengaluru. His statements were also videotaped, as far as the reports go.
Aims to get 50 million Indians into the cryptocurrency bandwagon this year.
Aims for widespread adoption among new crypto enthusiasts, especially millennials and Generation Z.
Strives to spread awareness about cryptocurrencies.
Looks forward to improve the company’s existing array of products.
Aims to strengthen customer retention campaigns.
Speaking from a development perspective of the app, Neeraj Khandelwal, Co-founder, CoinDCX said, “Most of the app users are in the age group 22 to 45. This app has been introduced to serve a simple purpose; remove the fear of technology, make the market numbers more understandable and provide the ability to make informed decisions in the crypto universe. A smart investor will regularly invest at least 1 percent of his disposable income for Bitcoins in his investment portfolio. People having faith in the future of technology should do the same. The app just makes the induction easy. Buying Bitcoin on CoinDCX Go will be as easy as using any of the popular apps such as WhatsApp, Instagram, Amazon, or booking your cab through Uber.”
The company invested $1.3 million in TryCrypto, its own project aimed at making blockchain and cryptocurrency more available to mainstream consumers, in yet another effort to accelerate mass acceptance of cryptocurrencies.
FAQs
How does CoinDCX work? What does it do?
CoinDCX is a platform that allows users to legally exchange various cryptocurrencies. It is built for all types of traders, taking into account their trading background, risk tolerance, and trading frequency, allowing customers to trade their crypto assets according to their requirements.
Who founded CoinDCX?
CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal in March 2018.
Which companies do CoinDCX compete with?
Top Competitors of CoinDCX are UPHOLD, Binance, Coinbase, Poloniex, LocalBitcoins, HitBTC, Kucoin, C-Cex, Bitso, and WazirX.
How does CoinDCX make money?
Deposit fees (charged on exchanging currencies), withdrawal fees, trading commissions (0.01 percent of the overall transaction is normal on any exchange), and listing fees are how CoinDCX makes money, just like any other cryptocurrency exchange.
How is the CoinDCX funding?
CoinDCX funding is impressive. In fact, CoinDCX is also hailed as the only crypto startup in India to have raised three funding rounds in less than a year.
What is the CoinDCX transaction fees?
If you are wondering about the CoinDCX transaction fees, then you need to know that CoinDCX charges 0.10% commission from both the takers and makers.
