CoinSwitch Kuber attains unicorn status, becomes India’s most valued crypto exchange
Cryptocurrency exchange CoinSwich Kuber raised $260 million in its Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Ribbit Capital, Paradigm, Sequoia Capital India and Tiger Global. With this investment, CoinSwitch has attained unicorn status, with a valuation of $1.9 billion.
CoinSwitch Kuber is now India’s most valued crypto company, and is also India’s second crypto unicorn, after rival CoinDCX. CoinDCX’s valuation stood at $1.1 billion in August.
CoinSwitch Kuber will deploy the funds to:
- Onboard 50 million Indians on the CoinSwitch Kuber platform
- Introduce new crypto products
- Hire the best talent including leaders and experts across product, engineering, data, growth, etc and define the crypto industry in India
- Design ways to simplify the investment journey of Indians
- Offer multiple avenues of investment through different products and asset classes
The Series C funding was led by Andreessen Horowitz. David George, General Partner at Andreessen Horowitz, said “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.”“Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India,” he added.
CoinSwitch Kuber has over 10 million users in India with a monthly active user base of over seven million. Founded by Ashish Singhal, Sagar Vimal, and Govind Soni, it was launched as a global aggregator of crypto exchanges and its India operations started in June 2020. Coinswitch Kuber allows investors to start trading in crypto with an investment of as low as Rs 100 on its platform.
“CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible. 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.”
- Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber