Crypto tax platform KoinX has raised $1.5 million in seed funding from Polygon founder Sandeep Nailwal, iSeed Fund, KubeVC and other angel investors.

Founded by Punit Agarwal, KoinX helps retail crypto investors automate their taxes by integrating their portfolios and transactions with a single platform and providing a consolidated dashboard. It has partnered with crypto exchanges such as CoinDCX, Binance, Vauld and WazirX.

“The core value of KoinX lies in the simplicity and ease of use 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,” said Punit Agarwal, founder, KoinX.

The startup will use the funds to scale its operations and reach over five lakh crypto investors by Q2 of this fiscal year.

India's new 30% tax on crypto profits came into effect on April 1, and the 1% tax deductible at source (TDS) on all crypto transactions kicked in on July 1. On both occasions, trading volumes on Indian exchanges plummeted within days, we reported previously.