As a lot of as 3 years ago, when Sumit Gupta and Neeraj Khandelwal started their cryptocurrency journey from a modest flat in Mumbai, they had tiny thought about the storms heading their way. Within months of beginning the business in 2018, the RBI banned banks from processing payments connected to cryptocurrency. Today, with a base of more than two million customers, the everyday turnover of CoinDCX, one of India’s biggest cryptocurrency exchanges, is Rs one hundred crore. It is also the official live streaming sponsor of the World Test Championship Final underway in the UK.
Speaking to Humans of Bombay, Mr Gupta recalled the struggle that went into constructing the business and the highs and lows that came with it. Mr Gupta mentioned he and Mr Khandelwal are “childhood buddies”, who would study as a group in Kota, ride trains and treat themselves to street meals. Hailing from modest towns, IIT and Mumbai sounded aspirational to them. Once at IIT-Bombay, they would take the very same class and dream of beginning one thing of their personal with each other. But Mr Gupta then got placed at Sony in Japan.
“I made a good living,” he mentioned, but when Mr Khandelwal would contact him, he would miss India and their chats about the future.
Mr Gupta mentioned he discovered about how corporations functioned and returned to India to launch his startup. It did not go as anticipated. His companion got cancer quickly following the launch of the business and workers started to leave. Mr Gupta had to shut down his business.
“I lost money and my confidence. I’d wake up to no work,” he mentioned.
At this point, his childhood pal supported him. They then launched CoinDCX from Mr Khandelwal’s flat with savings to sustain for only 3 months. “And then, RBI ordered banks to stop trading with crypto companies (in April 2018)”. Mr Gupta mentioned quickly their investors backed out. They had to transform their technique and work tirelessly. When RBI reversed its order 3 years later, the investors 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 mentioned.
The Instagram post has received more than 36,000 likes and various compliments, all in much less than 24 hours.
Reacting to the post, one user mentioned, “Friends fall and grow together.” Another user, who goes by the name Nikita Mahamuni, wrote, “I had interviewed for CoinDCX. Didn’t know this was the story behind it. Great going guys,” mentioned
“It’s the genuine friendship for me,” mentioned user Imkong Mayang. “They are such an inspiration,” study one more comment.
Tell us what you consider of their story.