After raising $260 million in the Series C round of funding, the Indian crypto exchange CoinSwitch Kuber has been valued at $1.9 billion.
Coinbase Ventures and Andreessen Horowitz were among the investors who contributed to this round with other backers included Paradigm, Sequoia Capital India, Ribbit Capital, and Tiger Global.
It’s not simply a crypto investment for a16z in India, according to Sharan Nair, the chief business officer of CoinSwitch.
As a result of its explosive expansion, CoinSwitch has become India’s biggest retail cryptocurrency exchange, according to Andreessen Horowitz.
It hopes to bring on 50 million new users and introduce additional services like lending and staking with the new money it’s getting from the VC investment. The exchange also intends to grow its engineering, data, and growth teams.
Over 7 million people are currently engaging on CoinSwitch’s monthly active user base of over 10 million.
CoinSwitch already employs 350 employees, with plans to hire an additional 250 in the near future, according to Nair.
When CoinSwitch was established in 2017, it serves as an aggregator of cryptocurrency exchanges on a global scale. In June 2020, it began operating in India via CoinSwitch Kuber.
? CoinSwitch Kuber Unicorn Status
CoinSwitch is the second crypto exchange in India. It was able to achieve unicorn status in a short period of time. When CoinDCX raised $90 million in August, its value was $1.1 billion post-tax.
Despite India’s uncertain regulatory climate, venture capital firms continue to pump millions of dollars into the country’s crypto business. In India, cryptocurrency is neither legal and illegal.
However, the bill’s content is still unknown as the administration works to present it. Investment businesses appear to be betting on a more favorable regulatory climate in India.
Series C funding for CoinSwitch Kuber follows a $25 million Series B round. According to Nair, the latest round of funding increases the exchange’s overall funding to $300 million.