CoinSwitch Kuber has raised US$25 million in Series B round of funding from Tiger Global Management at a valuation that is well over the $500 million mark. This marks New York-based investing powerhouse Tiger Global’s first investment in an Indian cryptocurrency company. This also makes CoinSwitch the highest funded cryptocurrency player in India and sets them on the growth trajectory of global cryptocurrency platforms like Coinbase and Binance in the Indian market.
Ashish Singhal, CEO and Co-founder, CoinSwitch Kuber, described the funding as a monumental time for the crypto industry in India and globally, as institutional adoption as well as retail adoption for this asset class is increasing exponentially. “We are thrilled to have Tiger Global Management, the most prolific backers of the Indian start-up story, as investors and mentors in our journey. This investment round brings us at par with some of the most sought after cryptocurrency companies in the world and sets us up for the long run.”
Scott Shleifer, Partner, Tiger Global, said CoinSwitch is well positioned to capture the tremendous growing interest in crypto among retail investors. “We are excited to partner with CoinSwitch as they innovate in this emerging asset class.”
This round of funding is an endorsement of CoinSwitch’s vision of becoming the most preferred crypto investment destination for retail investors in the country and the exceptional growth and momentum that the company has seen in less than a year of operations in India. In January 2021, the platform raised $15 million in Series A funding from leading global fintech and crypto investor Ribbit Capital, San Francisco based crypto focused investment firm, Paradigm and Sequoia Capital India.
Buoyed by the massive interest among Indians for cryptocurrencies, CoinSwitch Kuber has recorded 350% growth in user base since January this year. The platform now has over 4.5 million users in India and crossed US$5 billion in transaction volume in March 2021, all in a period of 10 months since launch. The company plans to onboard 10 million users this year. It will invest heavily in enhancing technology and boosting product and security capabilities.
The company also aims to set aside a substantial sum towards brand building and increasing awareness around cryptocurrencies as an emerging asset class by introducing an array of marketing initiatives. Hiring top talent across technology, operations, marketing, product and compliance teams to fuel growth is another priority. The company has plans to enter into new asset classes to offer more investment choices to its users.