India-based CoinSwitch Kuber, cryptocurrency exchange platform raised $25 million in a Series B funding round on 23 April 2021.
Investors: The entire funding round was financed by Tiger Global. It valued the three-year-old startup at more than US$ 500 million. Just three months back CoinSwitch had closed its US$ 15 million Series A round from Ribbit Capital, Sequoia Capital India and Kunal Shah. CoinSwitch has raised US$ 41.5 million to date.
About CoinSwitch Kuber
Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari, CoinSwitch Kuber is a secure, user-friendly cryptocurrency exchange platform. People can buy 100+ cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Ripple, etc, with a variety of payment options being offered. The startup is headquartered in Bengaluru, India.
Users can buy slivers of several popular cryptocurrencies. For example, a user on the CoinSwitch platform can buy small sachets of bitcoin and other currencies for as low as INR 100. CoinSwitch claims to have amassed over 4.5 million users, more than half of whom are aged 25 or younger. It also claims to have processed transactions over US$ 5 billion over the past 11 months.
What the CEO has to say: “I am optimistic that India will not ban private cryptocurrencies. But we closed the financing round with Tiger Global before New Delhi’s indication to formulate a law. This investment round brings us at par with some of the most sought-after cryptocurrency companies in the world and sets us up for the long run.” — Ashish Singhal, co-founder and chief executive of CoinSwitch Kuber.
What the investors have to say: “As they build India’s leading cryptocurrency platform, CoinSwitch is well-positioned to capture the tremendous growing interest in crypto among retail investors. We are excited to partner with CoinSwitch as they innovate in this emerging asset class.” — Scott Shleifer, Partner at Tiger Global.
Even though the trading of cryptocurrencies is legal in India for now, many fear that a law might be introduced to put a ban on all private cryptocurrencies. Therefore, crypto startups in India have started exploring contingency plans in the event the nation does end up banning cryptocurrency trading in the country. They are founding their companies in India, but are focusing on serving customers overseas.
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