Indian crypto exchange CoinSwitch Kuber enters unicorn club with $260M
CoinSwitch Kuber, a major Indian crypto exchange, has joined the club of firms in the unicorn status by raising a sum of $260 million in a Series C funding round.
CoinSwitch gave an official statement on October 6, stating that the newly secured fund has propelled the firm to the “very top” among Indian unicorns, with CoinSwitch becoming the country’s “most valued crypto company” at $1.91 billion.
CoinSwitch Kuber is one of the largest Indian crypto exchanges alongside platforms like WazirX and CoinDCX. Launched in 2020, CoinSwitch Kuber has registered 10 million users as of September 2021. It had previously raised $25 million from investors like Tiger Global in a Series B round in April 2021, following a $15 million Series A round in January.
The funding round was led by Andreessen Horowitz and Coinbase Ventures, which is the venture capital wing of Coinbase. Other investors participating in the round were Paradigm, Sequoia, Tiger Global and Ribbit.
Speaking about the funds’ utilization, CoinSwitch Kuber said it plans to onboard about 50 million Indians on the platform introducing them to new services such as staking and lending. The firm is also proposing to launch an institutional-grade product other than supporting more diverse investment options.
The firm’s other proposed initiatives include a crypto innovation fund and a crypto education hub.
CoinSwitch co-Founder and CEO Ashish Singhal, speaking on the great milestone, stated that all evolutions are taken based on “a leap of faith.”