A cryptocurrency investment platform startup CoinSwitch Kuber has raised $25 million in its recent series B funding round. The investment round was led by Tiger Global Management and made the firm’s valuation at $500 million.
Moreover, it is the first ever investment by the leading investor Tiger Global, which is always up and aggressively investing in budding startups to let them grow. The firm also claims that it is the highest-funded cryptocurrency venture in Indian out of others.
Meanwhile, the CEO and co-founder Ashish Singhal said- “this is a monumental time for the crypto industry in the nation and globally, as institutional adoption, as well as retail adoption for this asset class is increasing exponentially…..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”.
CoinbaseSwitch was founded in 2017 in Bangalore by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni. It will deploy the raised funds in enhancing technology as well as boosting its product and security abilities all over the marketplace. Moreover, the firm stated to expand further, they will add more expertise and hire employees.
In January 2021, the firm had raised $15 million in Series A funding from Ribbit Capital, Sequoia Capital India, and Paradigm. It got a hike of around 350 percent in its user base since the beginning of 2021. Currently, it has over 4.5 million users in India and recorded $5 billion in its transaction value in March 2021 in only 10 months. It is aiming around 10 million users onboard in 2021.
In addition, Scott Shleifer, Partner, Tiger Global, said, “As they build India’s leading cryptocurrency platform, 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.”
Last year, it launched its crypto platform in June and within 200 days, it had 1 million users while nabbing Rs 2,000 crores and more. Now its further plan is to enter into new asset classes to offer more investment options to its user base.