CoinDCX’s India entity profit rises 855% to Rs 4.36 crore in FY21
ETtech
Synopsis
The jump is likely a result of the Supreme Court striking down the Reserve Bank of India’s circular in 2020, which banned financial institutions from providing banking services to crypto exchanges.
By Apoorva Mittal, ETtech
Last Updated:
Crypto exchange CoinDCX’s India entity Neblio Technologies earned Rs 38.91 crore in revenue from operations stood in FY21 - a 524% jump compared with Rs 6.23 crore in the previous financial year - regulatory filings sourced from business intelligence platform Tofler showed.
A fresh life was infused into India's nascent crypto industry after the apex court's ruling, resulting in a massive capital inflow into the startups. This led to exchanges such as CoinDCX and Coinswitch Kuber becoming unicorns (privately held companies valued at over $1 billion) in 2021.
Last year, the crypto market enjoyed a bull run on the back of a never-seen-like before adoption by retail investors.
Neblio’s profit after tax was up almost 855% to Rs 4.36 crore in FY21 compared with Rs 45.63 lakh in the previous fiscal.
The Indian entity’s expenses also soared to Rs 40.69 crore in FY21 compared with Rs 5.71 crore in the previous financial year. Among the most costly items included employee benefit expenses of Rs 11.69 crore and “other expenses,” including marketing expenses of Rs 1.76 crore in FY21 and other business expenses of over Rs 14 crore.
CoinDCX’s Singapore entity Primestack, whose principal activity is information technology consultancy services, earned $195,000 from revenue in operations according to regulatory filings sourced from Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
According to the filing, Primestack’s revenue declined 70% compared to the previous financial year when it was $683,599.
Neblio Technologies entered into a related-party transactions with the Singapore entity, for which it earned Rs 13.87 crore for business support services in FY21.
Primestack acquired BTC and USDT, amounting to $1.5 million in FY 21, up from over half a million in the previous fiscal.
Cofounders Sumit Gupta and Neeraj Khandelwal earned Rs 36.07 lakh each in the reporting period.
ADVERTISEMENT
The jump is likely a result of the Supreme Court striking down the Reserve Bank of India’s circular in 2020, which banned financial institutions from providing banking services to crypto exchanges. Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| MIT xPRO | MIT Technology Leadership and Innovation | Visit |
| IIT Delhi | Certificate Programme in Data Science & Machine Learning | Visit |
| Indian School of Business | ISB Product Management | Visit |
Last year, the crypto market enjoyed a bull run on the back of a never-seen-like before adoption by retail investors.
Neblio’s profit after tax was up almost 855% to Rs 4.36 crore in FY21 compared with Rs 45.63 lakh in the previous fiscal.
The Indian entity’s expenses also soared to Rs 40.69 crore in FY21 compared with Rs 5.71 crore in the previous financial year. Among the most costly items included employee benefit expenses of Rs 11.69 crore and “other expenses,” including marketing expenses of Rs 1.76 crore in FY21 and other business expenses of over Rs 14 crore.
ADVERTISEMENT
CoinDCX’s Singapore entity Primestack, whose principal activity is information technology consultancy services, earned $195,000 from revenue in operations according to regulatory filings sourced from Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
According to the filing, Primestack’s revenue declined 70% compared to the previous financial year when it was $683,599.
ADVERTISEMENT
Neblio Technologies entered into a related-party transactions with the Singapore entity, for which it earned Rs 13.87 crore for business support services in FY21.
Primestack acquired BTC and USDT, amounting to $1.5 million in FY 21, up from over half a million in the previous fiscal.
ADVERTISEMENT
Cofounders Sumit Gupta and Neeraj Khandelwal earned Rs 36.07 lakh each in the reporting period.
