CoinSwitch Kuber at present introduced that it has closed an over $260 million (roughly Rs. 1,943 crores) Collection C funding spherical from Andreessen Horowitz, Coinbase Ventures and present traders Paradigm, Ribbit Capital, Sequoia Capital India and Tiger International. With this fundraise, CoinSwitch Kuber is now valued at $1.9 billion (roughly Rs. 14,200 crores), making it the newest unicorn from India. In its press launch, CoinSwitch Kuber stated that it serves over 10 million Indian prospects.
The corporate additionally stated that it’ll use these funds to scale that consumer base to a different 50 million Indians, and to introduce new crypto merchandise. It additionally plans to make use of the funds raised for extra hiring, bringing on extra belongings onto its platform, and onboarding extra establishments. Apart from this, CoinSwitch Kuber shall be launching an ecosystem fund, and spending cash on cryptocurrency consciousness and training, the press launch acknowledged.
“CoinSwitch Kuber is on a mission to construct wealth for Indians by making crypto extra accessible,” stated Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber. “I imagine, simplifying crypto investments for the Indian youth has helped us to face out. We wished to take away all of the complexities in crypto buying and selling, educate customers and provides them a simplified expertise of one-click purchase and promote in crypto. We’re humbled by the belief proven in CoinSwitch Kuber by two of the most important names within the international crypto funding enviornment with Andreessen Horowitz selecting us to be their first funding in India. Coinbase Ventures’ funding can be testimony to the boldness they’ve in CoinSwitch Kuber’s enterprise mannequin and the large potential India’s crypto area has to supply.”
“The CoinSwitch Kuber workforce has labored around the clock to be essentially the most most popular platform for crypto traders in India,” he added. “This has helped us to achieve the unicorn standing in simply over 14 months of operations in India. During the last one 12 months our focus has been to develop a strong product for Indian customers. Now with this funding, we hope to propel ourselves additional on our mission to deliver crypto to each family in India.”
“We’re extremely excited in regards to the crypto market alternative in India, and with its breakout progress, CoinSwitch has emerged because the main retail platform within the nation,” stated David George, Common Companion at Andreessen Horowitz. “Ashish and the workforce have demonstrated sturdy execution skills and the ambition to ship an funding platform for the lots in India.”
CoinSwitch Kuber was launched in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a worldwide aggregator of cryptocurrency exchanges, and permits customers to purchase over 80 cash by way of the platform.