CoinSwitch Kuber Raises $260-Million Series C Funding From Coinbase, Andreessen Horowitz

CoinSwitch Kuber at this time introduced that it has closed an over $260 million (roughly Rs. 1,943 crores) Collection C funding spherical from Andreessen Horowitz, Coinbase Ventures and current traders Paradigm, Ribbit Capital, Sequoia Capital India and Tiger World. With this fundraise, CoinSwitch Kuber is now valued at $1.9 billion (roughly Rs. 14,200 crores), making it the most recent unicorn from India. In its press launch, CoinSwitch Kuber mentioned that it serves over 10 million Indian prospects.

The corporate additionally mentioned that it’s going to use these funds to scale that consumer base to a different 50 million Indians, and to introduce new crypto merchandise. It additionally plans to make use of the funds raised for extra hiring, bringing on extra property onto its platform, and onboarding extra establishments. Apart from this, CoinSwitch Kuber will likely be launching an ecosystem fund, and spending cash on cryptocurrency consciousness and training, the press launch said.

“CoinSwitch Kuber is on a mission to construct wealth for Indians by making crypto extra accessible,” mentioned Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber. “I consider, simplifying crypto investments for the Indian youth has helped us to face out. We wished to take away all of the complexities in crypto buying and selling, educate shoppers and provides them a simplified expertise of one-click purchase and promote in crypto. We’re humbled by the belief proven in CoinSwitch Kuber by two of the largest names within the international crypto funding area with Andreessen Horowitz selecting us to be their first funding in India. Coinbase Ventures’ funding can also be testimony to the arrogance they’ve in CoinSwitch Kuber’s enterprise mannequin and the large potential India’s crypto area has to supply.”

“The CoinSwitch Kuber group has labored around the clock to be essentially the most most well-liked platform for crypto traders in India,” he added. “This has helped us to succeed in the unicorn standing in simply over 14 months of operations in India. During the last one yr our focus has been to develop a strong product for Indian shoppers. Now with this funding, we hope to propel ourselves additional on our mission to carry crypto to each family in India.”

“We’re extremely excited in regards to the crypto market alternative in India, and with its breakout development, CoinSwitch has emerged because the main retail platform within the nation,” mentioned David George, Basic Associate at Andreessen Horowitz. “Ashish and the group have demonstrated sturdy execution skills and the ambition to ship an funding platform for the lots in India.”

CoinSwitch Kuber was launched in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a worldwide aggregator of cryptocurrency exchanges, and permits customers to purchase over 80 cash by means of the platform. 

Curious about cryptocurrency? We talk about all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is out there on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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