CoinSwitch Kuber today announced that it has closed over $260 million (approximately Rs 1,943 crore) Series C funding round from Andreessen Horowitz, Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global. With this fundraising, CoinSwitch Kuber is now valued at $1.9 billion (about Rs 14,200 crore), making it India’s latest unicorn. CoinSwitch Kuber said in its press release that it serves more than 10 million Indian customers.
The company also said that it will use these funds to expand that user base to another 50 million Indians and introduce new crypto products. It also plans to use the funds raised for additional hiring, bringing more assets to its platform and adding more institutions. In addition, Coinswitch will launch an ecosystem fund, Kuber, and will spend the money on cryptocurrency awareness and education, the press release said.
Ashish Singhal, Co-Founder and CEO, CoinSwitch Kuber, said, “CoinSwitch Kuber is on a mission to create wealth for Indians by making crypto more accessible. I believe that by simplifying crypto investing for Indian youth, we should We wanted to remove all the complexities in crypto trading, educate consumers and give them a simple one-click buying and selling experience in crypto. We are in the global crypto investment arena. We are overwhelmed by the trust shown in CoinSwitch Kuber by two of the biggest names, with Andreessen Horowitz choosing us as their first investment in India. The Coinbase Ventures investment is also a testimony to their trust in CoinSwitch Kuber’s business model and the importance of India’s crypto space. There’s tremendous potential.”
“The CoinSwitch Kuber team has worked round the clock to become the most preferred platform for crypto investors in India,” he added. “This has helped us reach unicorn status in India in just 14 months of operation. Over the past year, our focus has been to develop a robust product for the Indian consumer. Now with this funding, we are able to reach every destination in India. Looking forward to furthering ourselves on our mission of bringing crypto home.”
“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, Andreessen Horowitz. “Ashish and team have demonstrated strong execution capabilities and ambition to provide 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.