KoinX — a crypto tax platform backed by the likes of Sandeep Nailwal (Polygon), Ajeet Khurana (ex-Zebpay), Navin Gupta (Ripple), Utsav Somani (AngelList) among other industry leaders — announced its seed fundraise of $1.5 million towards automating taxes of crypto retail investors. KoinX lets crypto investors automate their taxation by integrating their portfolio and transactions on a single unified platform with a consolidated dashboard. The platform has already integrated with crypto exchanges like CoinDCX, Binance, WazirX, Vauld, BitBNS, CoinSwitch and Kuber to automate the calculation of tax implications of crypto users.
This comes on the heels of the RBI’s announcement about 30 per cent tax on digital assets along with an additional 1per cent TDS that left crypto investors reeling with confusion and lack of clarity on how to proceed with the nuances.
Founded by a Web3 and Blockchain enthusiast, Punit Agarwal, the idea for KoinX came to him fortuitously when he was trying to calculate taxes for his investments. To his surprise, he found the task repetitive and cumbersome to manually add each transaction. He realised the market potential of an automated solution that can calculate taxes through an easy integration with exchanges.
The startup, that raised a seed amount of USD 1.5 million from VCs like, iSeed Fund, KubeVC, Ratio Ventures, Tykhe Block Ventures, 1947 Rise, We Founders Circle, and several business leaders from Netflix, Bain Capital, Robinhood, Ripple, Amazon, Freshwork, OYO etc. is set to scale up operations across India to serve over 5,00,000 crypto investors by Q2, 2022 alone.
Punit Agarwal, Founder, KoinX, said, “The core value of KoinX lies in the simplicity and ease of usage for our consumers. We wanted to build something that has ease of access and integration so that crypto investors can solve their tax related issues in a jiffy. Built on secure protocols, we ensure that our users’ identities and other information are protected through advanced encryption techniques. We are a proud Made in India product by very talented engineers and industry experts who have carefully understood user pain points and taken meticulous care to alleviate those pain points in a typical user journey.”