India’s crypto unicorn posts INR 1.7 Cr net profit as revenue surges 43%, but mounting expenses and a $44 Mn hack raise concerns for FY26
Profit Grows, But Margins Tighten Amid Soaring Costs
Crypto exchange CoinDCX posted a net profit of INR 1.7 Cr in FY25, marking a 15% increase over the INR 1.5 Cr profit recorded in FY24.
- The growth in profit was driven by strong topline expansion, despite rising operational and regulatory challenges.
- Operating revenue jumped 43% YoY to INR 559.6 Cr from INR 391.8 Cr.
- Total revenue, including other income of INR 12.3 Cr, reached INR 571.9 Cr, a 45% jump from INR 394.2 Cr in FY24.
Expenses Surge, Squeezing Margins
CoinDCX’s total expenses ballooned by 48% YoY, reaching INR 550.2 Cr in FY25, up from INR 370.9 Cr.
Major expense categories included:
- IT expenses: INR 101.1 Cr, up 41% from INR 71.7 Cr
- Advertising: INR 51 Cr, up 8X from INR 6.3 Cr in FY24
- Employee benefits: INR 161.4 Cr, down 14% from INR 188 Cr
Despite lowering staff costs, aggressive marketing and rising IT spending—especially post-security breach—significantly weighed on profitability.
A $44 Mn Heist and Fallout
CoinDCX’s FY25 was marred by a massive crypto heist in July 2025, in which attackers stole $44 Mn (INR 378 Cr) from the platform’s hot wallet.
- Hackers used Tornado Cash, Solana–Ethereum bridges, and other laundering tools to siphon funds.
- CoinDCX absorbed the impact through its internal treasury, limiting FY25 financial damage—but FY26 may reflect delayed effects.
- A bug bounty program has since been launched to improve platform security.
Leadership fallout post-breach:
- CTO Vivek Gupta, CISO Sridhar G, and CHRO Mudita Chauhan resigned within three months of the incident.
Platform Metrics & Market Position
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX allows users to trade over 500 crypto assets with reported quarterly volumes exceeding INR 2.4 Lakh Cr.
- The startup claims over 2 Cr users.
- CoinDCX became India’s first crypto unicorn in 2021, hitting a $1.1 Bn valuation after a $90 Mn Series C.
- Its valuation later soared to $2 Bn during its $135 Mn Series D in 2022.
- The company has raised over $244 Mn from Pantera Capital, B Capital Ventures, Bain Capital, and others.
Navigating a Regulatory and Operational Crossroad
Despite a profitable year, CoinDCX finds itself at a critical juncture:
- It must restore trust post-hack, secure its hot wallet infrastructure, and stabilize leadership.
- Rising IT and marketing spend, while boosting platform visibility, may pressure margins further in FY26.
- With Indian regulators tightening their grip on crypto activity, maintaining compliance while expanding services will be crucial.
