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CoinSwitch Kuber’s $1.9 figure valuation is almost four times up compared to its $500 million less than six months ago.
Indian cryptocurrency exchange CoinSwitch Kuber has raised $260 million in a Series C funding round, sending the valuation of the exchange to $1.91 billion. CoinSwitch Kuber after the latest funding is now India’s most valued and largest cryptocurrency company.
The funding round saw previous investors’ including Ribbit, Sequoia Capital India, Paradigm, and Tiger Global participate and was led by the corporate venture arm of Nasdaq-listed Coinbase, Coinbase Ventures, and venture fund Andreessen Horowitz. Coinbase Ventures poured in $150 million in the lastest funding round whiles Andreessen Horowitz also pitched in $80 million.
Andreessen Horowitz’s investment in the funding round is the first from the company into any Indian Startup. The Silicon Valley-based Venture Capital fund has now invested from their Growth Fund as well as its $2.2 billion Crypto Fund III which it announced earlier this year in June.
CoinSwitch Kuber’s $1.9 figure valuation is almost four times up compared to its $500 million less than six months ago. The crypto exchange now joins the unicorn club as it becomes the 30th Indian Unicorn this year and joins CoinDCX, who became India’s first crypto unicorn earlier this year after a $90-million funding.
CoinSwitch Kuber now boasts of over 10,000,000 customers, a figure up from the 5 million in May 2021 and the 1 million users it had in November 2020. “Thank you for believing in us! Fuelled by your support and the passion shown by our incredibly dedicated team, we’ve managed to raise a Series C Funding of $260 Million.” The crypto exchange wrote on their official website after the funding round.
Ashish Singhal, Chief Executive Officer and co-founder of CoinSwitch Kuber speaking after the funding round stated said:
“Every evolution takes a leap of faith, we are taking a giant one today with CoinSwitch Kuber turning into a unicorn and becoming the largest crypto company in the country.”
Ashish Singhal revealed that CoinSwitch Kuber has plans of becoming the “next biggest fintech player in India” and the large capital fusion now sets them on the right path to achieving that goal and also plans to diversify its product portfolio to include other financial products, besides cryptocurrencies.
CoinSwitch Kuber published how they planned to spend the latest funds secured in the round. This includes “onboarding 50 million Indians on the platform, Launching Crypto products and services like lending and staking to enable users to benefit from this decentralized technology, Hiring the best talent across Tech, Product, Growth, and Support, Addition of new asset classes to offer multiple investment options, Introducing a product for institutional clients, Launching a fund for young innovators in the Crypto ecosystem and Become a one-stop-shop for all information and knowledge about Cryptocurrency.”