Photo Credit: CoinSwitch Kuber
CoinSwitch Kuber today announced that it has closed an over $260 million (roughly Rs. 1,943 crores) Series C funding round from Andreessen Horowitz, Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global. With this fundraise, CoinSwitch Kuber is now valued at $1.9 billion (roughly Rs. 14,200 crores), making it the latest unicorn from India. In its press release, CoinSwitch Kuber said that it serves over 10 million Indian customers.
The company also said that it will use these funds to scale that user base to another 50 million Indians, and to introduce new crypto products. It also plans to use the funds raised for additional hiring, bringing on more assets onto its platform, and onboarding more institutions. Aside from this, CoinSwitch Kuber will be launching an ecosystem fund, and spending money on cryptocurrency awareness and education, the press release stated.
“CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible," said Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber. "I believe, simplifying crypto investments for the Indian youth has helped us to stand out. We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto. We are humbled by the trust shown in CoinSwitch Kuber by two of the biggest names in the global crypto investment arena with Andreessen Horowitz choosing us to be their first investment in India. Coinbase Ventures' investment is also testimony to the confidence they have in CoinSwitch Kuber's business model and the tremendous potential India's crypto space has to offer.”
“The CoinSwitch Kuber team has worked round the clock to be the most preferred platform for crypto investors in India," he added. "This has helped us to reach the unicorn status in just over 14 months of operations in India. Over the last one year our focus has been to develop a robust product for Indian consumers. Now with this funding, we hope to propel ourselves further on our mission to bring crypto to every household in India.”
“We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country,” said David George, General Partner at Andreessen Horowitz. “Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India.”
CoinSwitch Kuber was launched in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of cryptocurrency exchanges, and allows users to buy over 80 coins through the platform.