CoinSwitch Kuber, a Karnataka-based crypto trading platform, raised over USD 260 million co-led by Coinbase Ventures and Andreessen Horowitz (a16z) on 6 October 2021. The startup has turned unicorn with this latest funding round.
Investors: New investors Coinbase Ventures and top Silicon Valley fund Andreessen Horowitz (a16z) co-led the latest funding round with contribution from existing investors Tiger Global, Sequoia Capital and Paradigm.
The Objectives behind the funding: The company plans to deploy current proceeds to hire talent across engineering, product and data functions, besides launching more asset classes, spreading awareness about cryptocurrency and attracting institutional clients- compared to its retail consumer base so far.
About CoinSwitch Kuber
Founded in 2017 by Ashish Singhal, Vimal Sagar Tiwari and Govind Soni, CoinSwitch Kuber is India’s largest crypto trading platform with a user base of 10M+, in just 15 months and growing every second. CoinSwitch Kuber currently offers more than 70 cryptocurrencies to choose from, with trade as little as USD 1.3 (100 INR). The startup reported USD 50 million annual revenue in April 2021. The company targets to reach 50 million users in the next few years.
What the Founder has to say:
“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,” said Singhal, Co-founder and CEO of CoinSwirch Kuber.
Indicating towards India’s Supreme Court overturning the nation’s central bank’s ban, he said,” When that happened, many youngsters who had been watching crypto trading in the western markets and had realized that they were sort of late to get into crypto, decided to explore investments.”
What the Investor has to say:
“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. Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India,” said David George, partner at Andreessen Horowitz.
With exponential growth in the Indian cryptocurrency market over the last few years, it is projected to hit USD 241 million by 2030. Over the past year, India’s market grew 641%.
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