CoinSwitch Kuber, a cryptocurrency investment platform has raised $25 million (₹181 crore) in Series B round of funding from Tiger Global Management, at a valuation over $500 million. This is Tiger Global’s first investment in an Indian cryptocurrency company. In January 2021, CoinSwitch Kuber raised $15 million in Series A funding from leading global fintech and crypto investor Ribbit Capital, San-Francisco based crypto focused investment firm, Paradigm and Sequoia Capital India.
CoinSwitch Kuber will invest in enhancing technology, boosting product/security capabilities, brand building, increasing awareness around cryptocurrencies as an emerging asset class and hiring across technology, operations, marketing, product and compliance teams, to fuel growth.
CoinSwitch was founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari as a global aggregator of cryptocurrency exchanges. The company launched its India exclusive crypto platform, CoinSwitch Kuber in June 2020 to simplify crypto investments for Indian retail investors.
“This is a monumental time for the crypto industry in India and globally, as institutional adoption as well as retail adoption for this asset class is increasing exponentially. We are thrilled to have Tiger Global Management, the most prolific backers of the Indian start-up story, as investors and mentors in our journey. 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,” said Ashish Singhal, co-founder and CEO, CoinSwitch Kuber
Buoyed by the massive interest among Indians for cryptocurrencies, CoinSwitch Kuber has witnessed 350 per cent growth in user base since January this year. The platform now has over 4.5 million users in India and crossed $5 billion in transaction volume in March 2021, within 10 months since launch. The company plans to onboard 10 million users this year.
This also makes CoinSwitch the highest funded cryptocurrency player in India and sets them on the path to follow the growth trajectory of global cryptocurrency platforms like Coinbase and Binance, in the Indian market. Three out of four investors in CoinSwitch have also invested in global crypto leader Coinbase, which got listed on NASDAQ last week.
This funding round comes at a time when global behemoths like Tesla, MasterCard, PayPal have joined the crypto bandwagon. The global spike in interest in cryptocurrencies has rubbed off on the Indian investors too, making India the second biggest bitcoin nation in Asia after China, and the sixth biggest in the world, after the United States, Nigeria, China, Canada and the United Kingdom. According to reports, Indian cryptocurrency trading volumes have grown 500 per cent since March 2020, signalling the country’s massive appetite for cryptocurrencies.