India’s largest cryptocurrency exchange, CoinDCX, announced a major Employee Stock Ownership Plan (ESOP) buyback worth ₹111 crore ($13.3 million).
This initiative marks the largest liquidity event in the company’s eight-year history and is one of the biggest of its kind in the Indian Web3 and cryptocurrency sector.
Key Details of the Buyback
The buyback is designed to reward the long-term commitment of the team that has helped the company navigate a complex regulatory and market landscape in India.
- Eligibility: The program covers over 500 current and former employees (alumni), acknowledging their role in the company’s growth journey from a small Mumbai startup to a regional giant.
- Wealth Creation: Eligible participants can liquidate a portion of their vested stock options to realize tangible financial gains.
- Timing: The announcement follows a period of “disciplined growth” for the exchange, which recently hit a user base of 2.16 crore (21.6 million) across India and the UAE.
Strategic Context & Funding
The buyback comes approximately four months after CoinDCX secured an undisclosed investment from its existing backer, Coinbase, at a post-money valuation of $2.45 billion.
| Metric | Detail (as of Feb 2026) |
| Current Valuation | $2.45 Billion |
| User Base | 2.16 Crore+ |
| Registered Platform | First Indian exchange registered with FIU-IND |
| Backers | Pantera, Steadview, Polychain, B Capital, and Coinbase Ventures |
Founder’s Perspective
Co-founders Sumit Gupta and Neeraj Khandelwal emphasized that the move is a “thank you” to the “Changemakers” who stayed during volatile market cycles.
“Eight years ago, many people told us that building a crypto company in India was ‘risky.’ This buyback is more than just a financial milestone; it is our way of ensuring that those who stayed the course and fueled our mission can share in the tangible value they’ve helped build.” — Sumit Gupta, Co-founder of CoinDCX.
Market Comparison (2026 ESOP Trends)
CoinDCX’s move is part of a larger trend of high-profile liquidity events in the Indian startup ecosystem in early 2026:
- BrowserStack: Announced a $125 million ESOP program.
- Innovaccer: Completed a $75 million buyback.
- Cashfree: Rolled out a buyback for 400+ employees.
