On October 6, Cryptocurrency exchange Coinswitch Kuber said it had accumulated more than $260 million, driven by new investors Coinbase Ventures and top Silicon Valley fund Andreessen Horowitz (a16z), striking up its estimate four times in six months to $1.9 billion.
On September 16, Moneycontrol published that a16z, one of the world’s most productive investors, is in talks to support Coinswitch, its first venture on an Indian firm.
Current sponsors Tiger Global, Sequoia Capital and Paradigm invested as well. The agreement makes CoinSwitch India’s second cryptocurrency unicorn and 30th unicorn of 2021 record-breaking for startup fundraising. Unicorns are private firms estimated at a billion dollars or higher.
CoinSwitch was established in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari as a global aggregator of cryptocurrency exchanges. In June 2020, it initiated Kuber, its India-focused crypto investment platform that holds 4.5 million users. The company has a yearly revenue of around $50 million, CEO Singhal stated Moneycontrol in April.
It intends to use the funds to recruit expertise across engineering, product and data functions, additionally to propel more asset classes, spread awareness about cryptocurrency, and draw institutional clients- contrasted to its retail consumer base so far.
“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,” Singhal said.
The exchange, which scored 10 million users last month, soon wants to achieve 50 million users in the next few years.
“We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country. Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India,” said David George, partner at Andreessen Horowitz.