CoinSwitch Kuber India’s most valuable crypto exchange platform
Crypto exchange platform CoinSwitch Kuber has raised $260m at a $1.9bn valuation
Crypto exchange platform CoinSwitch Kuber has raised $260m in a Series C funding round, bringing the company’s valuation to over $1.9bn, it announced earlier this week.
The funding round was led by Coinbase Ventures as well as Andreessen Horowitz's investment arm a16z, with participation from previous investors Sequoia, Paradigm, Ribbit and Tiger Global. The recent funds have propelled the startup to become India's most valuable crypto exchange app based on the volume of transactions, users and billion-dollar valuation.
Hitting unicorn status
The Bengaluru, Karnataka-based platform has witnessed significant growth over the past six months, growing from one million users in November 2020, to five million users in May 2021, to 10 million users in September 2021. The platform allows users to trade more than 100 currencies on its app, including Bitcoin, Dash and Litecoin.
“This acceptance is what moved us forward and helped us get to where we are today,” the company wrote in an online blog post.
The funds will be used for onboarding 50 million users within the region, launching upgraded crypto products and services such as lending, along with hiring new talent, and introducing curated products created for institutional clients.
The investment marks the first in the region by Andreessen Horowitz , after he pledged $2.2bn (£1.6bn) as part of a16z's Crypto Fund III to invest in developing crypto networks.
“We believe that the next wave of computing innovation will be driven by crypto. We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviours are permitted, and how economic benefits are distributed,” a16z confirmed in a company blog post earlier this year.