Lead Angels | KoinX I

Pls Note : Commitment Amount will be in multiples of ₹100.00 below

A premier platform designed to simplify cryptocurrency tax reporting and accounting. Automating complex tax calculations and ensuring compliance.

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Description

Dear Angels,
 
We hope you and your family are doing well!
 
We would like to present an exciting investment opportunity in KoinX, a premier platform designed to simplify cryptocurrency tax reporting and accounting. Automating complex tax calculations and ensuring compliance, KoinX offers seamless experience of ensuring compliance while managing your crypto portfolio.
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Overview of KoinX
 
KoinX is a comprehensive platform designed to simplify the complexities of cryptocurrency tax reporting and accounting. It caters to both individual investors and businesses involved in the crypto market by providing automated solutions for managing and reporting crypto transactions.
 
Problem
 
Filing tax returns for cryptocurrency investments poses significant challenges both in India and globally. The rapid growth and nature of the cryptocurrency market, coupled with varying regulations, create a complex tax environment for all investors and stakeholders. In India, the regulatory framework for cryptocurrencies is rapidly evolving, leading to a very dynamic tax environment. Globally, inconsistent regulations across countries further complicate compliance. Tracking transactions across multiple exchanges and wallets is cumbersome, and calculating gains and losses involves detailed records of each transaction, considering factors like cost basis, holding periods, and transaction fees. The determination of fair market value in such cases is highly complex, impacting the accuracy of taxable income calculations. Reporting requirements vary widely; in India, investors must navigate GST implications, capital gains tax, and income from other sources, while globally, countries have diverse standards, with some demanding detailed transaction histories and others imposing strict deadlines. The lack of universal standards for crypto tax reporting leads to discrepancies and potential non-compliance, with severe penalties and legal consequences for errors or omissions. Robust solutions like automated tax software are essential to streamline calculations, ensure compliance, and adapt to evolving regulations, making crypto tax filing more manageable for investors worldwide.
 
Solution

KoinX is revolutionizing the way investors handle cryptocurrency tax returns by addressing the complexities and challenges head-on. By providing an automated and comprehensive tax reporting solution, KoinX simplifies the entire process for both Indian and global investors. The platform seamlessly integrates with multiple exchanges and wallets, automatically tracking transactions and calculating gains and losses with precision. This eliminates the cumbersome task of maintaining detailed records manually. KoinX ensures compliance with varying tax regulations by staying up-to-date with the latest legal requirements in different countries.

By providing clear, concise reports, KoinX minimizes the risk of discrepancies and non-compliance, protecting investors from severe penalties and legal consequences. With KoinX, the daunting task of crypto tax filing becomes streamlined, efficient, and reliable, offering peace of mind and empowering investors to focus on their financial growth.

Market Opportunity
 

The global cryptocurrency market size was valued at USD 4.67 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030.

The global cryptocurrency market cap was valued at over USD 800 billion in 2022

 
Following are a few highlights of KoinX:
  • Strong founder pedigree and investor pedigree with Sandeep Nainwal (Founder, Polygon), Utsav Somani (Partner, AngelList) and other prominent investors
  • Acquired 3 Lakh active users and generated a revenue of INR 1.6 Cr in its first year of operations
  • Integrations with 300+ platforms including an exclusive partnership with India’s lead crypto exchange platform, Coin DCX
  • Active in 7+ geographies and expanding rapidly
About the Founder
 
Punit Agarwal, Founder
With over seven years of experience, Punit has delved deep into blockchain and Web3. Currently, he is building KoinX, with the mission to simplify crypto accounting and taxation globally. Punit also had the privilege of leading the Crypto Relief Fund, a $500 million impact fund started by Sandeep Nailwal, Co-founder of Polygon, with a significant contribution of SHIBA INU coin from Vitalik Buterin, the Founder of Ethereum.
Beyond KoinX, Punit collaborates with incredible minds in blockchain, exploring the intricacies of NFTs, DeFi, and real-world assets. Together, they aim to contribute meaningfully to this evolving landscape. Punit remains deeply committed to giving back and supporting the community as they collectively navigate the exciting yet challenging world of blockchain.
Details of the round
 
They are raising INR 6 Cr at a Pre-Money Valuation of INR 150 Cr.
The investment in KoinX is open through our SEBI-registered AIF Category 1 VCF Angel Fund, Lead Angels Fund. In case commitments exceed the allocated amount, allotment will be on a “First Come, First Serve” basis.

Additional information

Declaration

As per SEBI regulations, a member of the fund has to make a commitment of INR 25 lakhs to be invested through the Lead Angels Fund over a five-year period and also meet certain net worth criteria.

Investment Scheme

Lead Angels Fund Medvolt.AI I

Minimum Investment Amount

2.5 Lakhs

Transaction Fee

2% of Investment Amount + GST

Carry

5% of the profits at the time of exit

Investment Documents

  1. KoinX Pitch Deck – Link
  2. KoinX Chapter Meeting Pitch Video – Link
  3. KoinX Deep Dive Investor Call – Link
  4. KoinX All Documents – Link

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