Reports shows Indian cryptocurrency exchange CoinSwitch Kuber getting $260 million in a Series C funding round. More so, is now a unicorn at $1.9 billion in value.
Additionally, New investors Andreessen Horowitz (a16z) and Coinbase Ventures joins the round. Of course, together with existing investors Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global. Meanwhile, This is a16z’s “first general investment” in India, indicating not just its first crypto investment. As CoinSwitch’s chief business officer, Sharan Nair narrates.
“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,”
David George, general partner at Andreessen Horowitz says.
Furthermore, It targets to load 50 million users to its platform with this new capital intake. Also, plans to launch new products like lending and staking. Subsequently, The exchange will also expand its team across engineering, product, data, and growth functions.
Additionally, CoinSwitch boasts with over 10 million users with a monthly active user base of over 7 million. Meanwhile, the exchange is currently a retail-focused platform. Which of course, has plans to get on institutional clients.
Nair goes on to say that CoinSwitch currently employs 350 people. Yes, with plans to get in additional 250 people.
CoinSwitch History
CoinSwitch was founded in 2017 as a global aggregator of crypto exchanges. In June 2020, It launched its India exchange operations through CoinSwitch Kuber.
Currently, CoinSwitch is now the second Indian crypto exchange to attain unicorn status. CoinDCX goes on to raise $90 million in a Series C funding round at a post-money valuation of $1.1 billion, In August.
Subsequently, Venture capital firms is not stopping in pouring millions of dollars into India’s crypto sector. This is irrespective of the Country’s stance on cryptocurrency. However, The country’s government plans on drafting a bill, contents are still known.
Conclusively, CoinSwitch Kuber’s Series C is coming barely six months after its $25 million Series B. Notably, Nair says the newest round brings the exchange’s total funding to over $300 million.
Photo credit – Coin_switch
