Bengaluru-based crypto platform CoinSwitch Kuber on Wednesday, October 6 said it has raised over $260 million in its Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors. With more than 10 million users, CoinSwitch Kuber has become a new unicorn, and the most valuable crypto company in India valued at $1.9 billion.
CoinSwitch Kuber said it will utilise the funds for onboarding 50 million Indians on its platform and introduce new crypto products. It has now become the second unicorn in the cryptocurrency vertical after CoinDCX, which raised $90 million at a valuation of $1.1 billion in August this year. The company said it aims to acquire best talent including leaders and experts across engineering, product, data, and growth to define the crypto industry in India.
With CoinSwitch Kuber, American venture capital firm a16z is making its first investment in an Indian startup. Existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global also participated in the new funding round.
The company said that it plans to design ways of simplifying the investment journey of Indians, and, in the process, offer multiple avenues of investment for them through different products and asset classes.
"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,â€ť co-founder and CEO Ashish Singhal said.
â€śOver the last one year, our focus has been to develop a robust product for Indian consumers. Now with this funding, we hope to propel ourselves further on our mission to bring crypto to every household in India,â€ť he added.
Started in 2017 by Singhal, Govind Soni and Vimal Sagar, CoinSwitch launched its India operations in June 2020. CoinSwitch Kuber claims to have over 10 million users in India with a monthly active user base of over seven million.
The Indian cryptocurrency market has been growing exponentially and is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 worldwide.
With IANS inputs