The jump is probably a result of the Supreme Court quashing a Reserve Bank of India circular in 2020 that prohibited financial institutions from providing banking services to crypto exchanges.
India’s nascent crypto industry took a new life after the apex court’s ruling, which resulted in massive capital inflows into startups. This has led to exchanges like CoinDCX and Coinswitch Kuber becoming unicorns (private companies worth over $1 billion) in 2021.
Last year, the crypto market enjoyed a bull run on the back of never-before-seen adoption by retail investors.
Neblio’s profit after tax grew by nearly 855% to Rs 4.36 crore in FY2011, as against Rs 45.63 lakh in the previous fiscal.
The expenditure of the Indian unit also increased to Rs 40.69 crore in FY 2011 as compared to Rs 5.71 crore in the previous fiscal. The most expensive items include employee benefit expenses and “other expenses” of Rs 11.69 crore, including marketing expenses of Rs 1.76 crore in FY11 and other business expenses of over Rs 14 crore.
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CoinDCX’s Singapore arm PrimeStack, whose principal activity is information technology consulting services, earned $195,000 in revenue from operations, according to regulatory filings received from the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
According to the filing, PrimeStack’s revenue declined 70% compared to the previous fiscal year, when it stood at $683,599.
Neblio Technologies entered into a related-party transaction with the Singapore entity for which it earned Rs 13.87 crore for business support services in FY2011.
Primestack acquired BTC and USDT for $1.5 million in FY21, up from half a million in the previous fiscal year.
co-founder Sumit Gupta and Neeraj Khandelwal earned Rs 36.07 lakh in the period under review.