January 30, 2023

Sumit Gupta and Neeraj Khandelwal are childhood buddies who began CoinDCX.

As many as three years in the past, when Sumit Gupta and Neeraj Khandelwal started their cryptocurrency journey from a modest flat in Mumbai, they’d little thought concerning the storms heading their method. Within months of beginning the corporate in 2018, the RBI banned banks from processing funds associated to cryptocurrency. Today, with a base of greater than two million customers, the day by day turnover of CoinDCX, certainly one of India’s largest cryptocurrency exchanges, is Rs 100 crore. It can be the official reside streaming sponsor of the World Test Championship Final underway within the UK. 

Speaking to Humans of Bombay, Mr Gupta recalled the wrestle that went into constructing the corporate and the highs and lows that got here with it. Mr Gupta stated he and Mr Khandelwal are “childhood buddies”, who would examine as a group in Kota, trip trains and deal with themselves to road meals. Hailing from small cities, IIT and Mumbai sounded aspirational to them. Once at IIT-Bombay, they might take the identical class and dream of beginning one thing of their very own collectively. But Mr Gupta then bought positioned at Sony in Japan.

“I made a good living,” he stated, however when Mr Khandelwal would name him, he would miss India and their chats concerning the future.

Mr Gupta stated he realized about how firms functioned and returned to India to launch his startup. It did not go as anticipated. His associate bought most cancers quickly after the launch of the corporate and staff started to depart. Mr Gupta needed to shut down his firm.

“I lost money and my confidence. I’d wake up to no work,” he stated.

At this level, his childhood pal supported him. They then launched CoinDCX from Mr Khandelwal’s flat with financial savings to maintain for under three months. “And then, RBI ordered banks to stop trading with crypto companies (in April 2018)”. Mr Gupta stated quickly their traders backed out. They needed to change their technique and work tirelessly. When RBI reversed its order three years later, the traders returned.

“Today, it’s been three years since; we’ve hired over 150 people, have over two million users, and our daily turnover is 100 crores. We’re changing the way people perceive crypto,” Gupta stated.

The Instagram submit has obtained greater than 36,000 likes and a number of other compliments, all in lower than 24 hours.

Reacting to the submit, one consumer stated, “Friends fall and grow together.” Another consumer, who goes by the identify Nikita Mahamuni, wrote, “I had interviewed for CoinDCX. Didn’t know this was the story behind it. Great going guys,” stated

“It’s the genuine friendship for me,” stated consumer Imkong Mayang. “They are such an inspiration,” learn one other remark.

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