CoinSwitch Kuber turns unicorn, raises $260Mn at $1.9Bn valuation
By MYBRANDBOOK
Bengaluru-based crypto platform CoinSwitch Kuber raised over $260 million in its Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and other existing investors.
With more than 10 million users and a valuation of $1.9 billion, CoinSwitch Kuber has become 30th Indian company to become a unicorn with the most valuable crypto company in India valued at $1.9 billion, and the second unicorn in the cryptocurrency sphere following CoinDCX.
With CoinSwitch Kuber, American venture capital firm a16z is making its first investment in an Indian startup. Existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global also participated in the new funding round.
It is the first startup in the country to be funded by global VC firm, a16z. These funds are subjected to increase the growth by investing in people and products. It will utilise the funds for onboarding 50 million Indians on its platform and introduce new crypto products.
Founded in 2017 by Ashish Singhal, Vimal Sagar and Govind Soni as a global aggregator of cryptocurrency exchanges, the company launched its India-exclusive crypto platform, CoinSwitch Kuber, in June 2020. Since then, it has recorded an 1,800% jump in user sign ups, according to data shared by CoinSwitch.
Co-founder and CEO Ashish Singhal said, “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.”
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