FIR Against CoinDCX Founders
In a major development for India’s crypto ecosystem, the founders of one of the country’s largest cryptocurrency exchanges are under the legal scanner. An FIR has been registered against CoinDCX cofounders Sumit Gupta and Neeraj Khandelwal following allegations of cheating and fraud, allegations that both founders have vehemently denied.
The Allegations: The case, filed in Thane, Maharashtra, stems from a complaint by an investor who claims he was defrauded of approximately INR 40 Lakh. The complainant alleged that he was lured into trading on the platform with promises of high returns. However, after investing a significant sum, he reportedly faced issues withdrawing his funds and felt misled by the platform’s representations.
CoinDCX Hits Back: The company maintains that it operates with the highest standards of transparency and compliance. CoinDCX has issued a firm denial, labeling the allegations as “frivolous,” “baseless,” and “malicious.”
In its defense, CoinDCX suggested that such complaints are often the result of “disgruntled elements” or misunderstandings regarding market volatility and platform protocols. They have signaled their intent to cooperate fully with investigative agencies to clear the founders’ names.
The Bigger Picture: This incident comes at a sensitive time for the Indian crypto industry. As one of the few domestic “unicorns” in the space, CoinDCX has been at the forefront of the push for legitimate crypto regulation in India. Legal hurdles like these—whether proven or not—add to the growing list of challenges for an industry already grappling with heavy taxation and a complex regulatory environment.
Is this a case of a targeted smear campaign, or are there deeper operational questions to answer? Read the full story…
From The Editor’s Desk
💰 Weekly Funding Rundown
- Indian startups cumulatively raised $228.4 Mn last week, up 11% from the $206.5 Mn raised in the preceding week. Meanwhile, deal count declined marginally to 21 from 22 in the previous week.
- Fintech topped the weekly funding charts on the back of Neo Group’s $53.4 Mn and Ecofy’s $42 Mn fundraise last week. Ecommerce, however, saw the highest number of deals at four, totalling to $3.9 Mn.
- Seed-stage funding rose 12% week-on-week to $12.9 Mn. Meanwhile, Peak XV Partners emerged as the most active investor last week, backing Atlys, BambooBox and Grapevine.
📊 Perfios’ Profitable FY25 Show
- The fintech-focused SaaS unicorn reported a 46% YoY jump in its net profit to ₹104.3 Cr in FY25 on the back of a 20% YoY jump in operating revenue to ₹669.5 Cr in the fiscal under review.
- India remained Perfios’ dominant market, with domestic revenue growing 14% YoY to ₹575 Cr in FY25. However, expenses played a spoilsport, rising 13% YoY to ₹5,610.2 Cr in the fiscal.
- Founded in 2008, Perfios helps financial institutions automate key processes such as customer onboarding, credit underwriting and fraud detection. It claims to serve more than 1,000 financial institutions, processing 8.2 Bn+ data points annually.
📈 New-Age Tech Stocks Rebound
- Of the 55 listed new-age tech companies under Inc42’s coverage, thirty four gained in a range of 0.12% to over 12% last week despite selling pressure amid global turmoil. The remaining declined between 0.15% and 10.77%.
- The market capitalisation of these 55 new-age tech companies rose to $119.46 Bn at the end of last week, up from $116.64 Bn a week ago.
- FirstCry emerged as the biggest gainer last week, while Lenskart shares touched a fresh 52-week high. On the other hand, Fino Payments Bank and Unicommerce emerged as the biggest losers.
⚡ Tesla To Go Beyond Cars In India?
- The Elon Musk-led EV maker is foraying into the Indian industrial energy storage market. The company is hiring a business development lead to shape its entry into the local “utility-scale” energy storage segment.
- Tesla’s global energy portfolio comprises two products currently – utility-scale batteries and residential batteries. If the plan materialises, Tesla will be pitted against the likes of local giants like Tata Power, Adani Group and Reliance in the segment.
- This comes nine months after Tesla entered the Indian market in July last year with the launch of its mid-sized SUV, Tesla Model Y. However, it has seen muted sales in the country, selling just over 100 cars so far.
🚨 Govt Clamps Down On Online Scams
- The Union home ministry has directed WhatsApp to introduce additional guardrails to curb rising cases of digital arrest, including blocking the device IDs of those involved in such scams.
- The MHA also asked WhatsApp to strengthen mechanisms to detect and block harmful APKs, expand its AI capabilities to detect impersonation and label synthetic content. The messaging app has also been told to retain user data of deleted accounts for 180 days
- The Meta-owned messaging platform has agreed to implement these measures. The ministry has also directed the platform to furnish a proposal regarding implementation of these technical and safety upgrades.
Inc42 Markets
Inc42 Startup Spotlight
How TimBuckDo Is Cashing In On Gen Z Hustle
For a young teenager, the world of freelance work can often be a Wild West of predatory employers, payment defaults, and zero grievance redressal. Bengaluru-based TimBuckDo is trying to solve this problem by connecting students with verified projects.
Formalising The Hustle Economy: Founded in 2022, TimBuckDo allows college students to find gig projects aligned with their interests and passions. The platform facilitates jobs for diverse roles, from graphic design and web development to supermarket staff and music tutoring. Unlike generic job boards, it implements strict KYC for both sides, ensuring students are over 18 and work is limited to 22 hours weekly.
An Ecosystem For Students: The startup’s strategy goes beyond job listings. It incorporates a merchant layer, where brands like Swiggy and Domino’s offer exclusive student discounts. TimBuckDo earns through platform fees from employers and commissions from brand partners, while keeping the service entirely free for its 5 Lakh registered students.
Growing Steadily: Backed by Turbostart VC, TimBuckDo claims that active students on its platform earn an average of up to ₹3,200 per week. The company is now looking to close FY26 with a revenue of ₹2.2 Cr. So, by leveraging campus ambassadors and AI-driven profile tools, can TimBuckDo turn side hustles into a reliable gig economy for youngsters?
Infographic Of The Day
From free courses and doctoral degrees to structured EMIs and B2B contracts, here is how India’s edtech giants are quietly monetising the AI course wave…
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