7.5 Mil Indians are Using Platform CoinSwitch

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Cryptocurrency investment platform CoinSwitch Kuber on Thursday said it has raised $25 million ( ₹181 crore) from Tiger Global Management at a valuation of more than $500 million, in the American hedge fund’s first investment in an Indian crypto company.

A person aware of the matter said that the company was valued at $100 million in January when it had raised $15 million in a Series A round from global fintech investor Ribbit Capital, San Francisco-based crypto-focused investment firm Paradigm and Sequoia Capital India.

Four-year-old CoinSwitch is a global aggregator of cryptocurrency exchanges, and launched its Indian platform CoinSwitch Kuber in June 2020 to simplify crypto investments for Indian retail investors.

With the new Series B fund infusion, it plans to sign up 10 million users by the end of this year, hire top talent and build awareness among retail investors for cryptocurrencies in India.

“This is 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, the most prolific backers of the Indian startup story, as investors and mentors in our journey,"said Ashish Singhal, chief executive and co-founder, CoinSwitch Kuber. “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."

CoinSwitch Kuber says its Indian user base has grown 350% since January, crossing 4.5 million users and $5 billion in transaction volume in March.

Singhal added that the company will set aside a substantial sum towards brand building and increasing awareness around cryptocurrencies as an emerging asset class. CoinSwitch is also expected to ramp up hiring across technology, operations, marketing, product and compliance teams.

CoinSwitch Kuber claims it signed up 1 million users within the first 200 days of launch, clocking investments of more than ₹2,000 crore. The platform allows users to buy and sell across more than 100 cryptocurrencies using Indian rupees.