India's Fast Growing Crypto Exchange Is Now The Most Valuable One As Well!
CoinSwitch Kuber raises USD 260 million in Series C funding led by Coinbase Ventures and Andreessen Horowitz (a16z)
The Quint DAILY
For impactful stories you just can’t miss
Just last month, CoinSwitch Kuber became India’s largest crypto-trading platform as it crossed the 10 million users milestone. Today, it announced that it has closed a $260+ million Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global, making CoinSwitch Kuber the second unicorn in India’s cryptocurrency scene, and also the most valuable one, valued at $1.9 billion.
CoinSwitch Kuber was founded in 2017 as an aggregator of cryptocurrency exchanges by Ashish Singhal, who has previously worked at Amazon and Microsoft, and is the CEO of the company. Govind Soni and Vimal Sagar are co-founders and hold the CTO and COO positions, respectively.
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
CoinSwitch Kuber has already set the plans in motion on how to best utilize the funds.
Onboarding 50 million Indians on the CoinSwitch Kuber platform and introduction of new crypto products
Hire experts in Engineering, Product, Data and Growth, in leadership positions
Add new asset classes, including non-crypto ones
Onboarding institutional clients a unique product that serves their end-to-end requirements
Launch an Ecosystem Fund to identify and enable budding talent in the crypto space
Provide holistic crypto education to investors
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
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)
Read and Breaking News at the Quint, browse for more from tech-and-auto
Topics: funding Cryptocurrency unicorn
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.