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.
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.
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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.
