CoinSwitch Kuber raises $260 million valuing it at $1.9 billion

  • October 6, 2021

CoinSwitch Kuber raises $260 million valuing it at $1.9 billion

CoinSwitch Kuber raises $260 million valuing it at $1.9 billion

Andreessen Horowitz (a16z), Coinbase Ventures, and existing investors Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global have all contributed to CoinSwitch Kuber’s $260 million Series C funding round. CoinSwitch Kuber becomes a unicorn worth $1.9 billion because of this financing.

CoinSwitch Kuber plans to use the funding to bring 50 million Indians into the CoinSwitch Kuber platform and launch additional crypto goods.

To define the crypto business in India, it also wants to attract the top personnel, including leaders and professionals in engineering, product, data, and growth.

The organization intends to find ways to make Indians’ financial journeys easier, while also providing them with a variety of investment options through various products and asset classes.

Institutions are increasingly interested in entering the crypto market, and CoinSwitch Kuber plans to take advantage of this trend. It will make institutional investments easier by providing them with a one-of-a-kind product that meets all of their needs.

India has a large reservoir of talent capable of developing world-class crypto goods and systems.

CoinSwitch Kuber will establish an ecosystem fund to recognize and support the country’s rising talent.

The funds will be used to build a knowledge-driven crypto ecosystem in India and provide comprehensive crypto education to present and prospective investors, assisting them in navigating the market and understanding the many sides of this new asset class.

“Ashish Singhal, co-founder and CEO of CoinSwitch Kuber, remarked, “CoinSwitch Kuber is on a mission to generate wealth for Indians by making crypto more accessible.” Making cryptocurrency investments more accessible to Indian youngsters, I feel, has aided us in standing out. We wanted to make crypto trading as simple as possible by removing all of the complexities, educating customers, and providing a one-click buy and sell experience. Coinbase Ventures’ investment indicates their belief in CoinSwitch Kuber’s business strategy as well as India’s crypto industry’s immense potential.”

“We are tremendously excited about the crypto market opportunity in India,” said Andreessen Horowitz’s general partner David George. “With its breakout growth, CoinSwitch has emerged as the country’s largest retail platform.”

“Ashish and his team have demonstrated exceptional execution abilities as well as a strong desire to establish a public investment platform in India.”

“Ashish and his team have shown tremendous execution skills and the will to provide an investment platform for the public in India.”

CoinSwitch was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of cryptocurrency exchanges. In June 2020, the company began operations in India.

CoinSwitch was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of cryptocurrency exchanges. In June 2020, the company began operations in India.

Previous investors in CoinSwitch Kuber include Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global, as well as famous angel investors such as Kunal Shah.

In India, CoinSwitch Kuber has over 10 million members and over seven million monthly active users.

 

Movine Oduor
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