Indian cryptocurrency exchange CoinSwitch Kuber is joining the unicorn club by raising $260 million in a Series C funding round. According to an official announcement on Oct. 6, the new funding has propelled the crypto exchange to the “very top” of Indian unicorns as the firm became “India’s most valued crypto company” at $1.91 billion. CoinSwitch Kuber plans to onboard 50 million Indians on the platform and introduce new services.
Coinbase Ventures led the funding round.
The funding round was led by Coinbase’s venture capital arm Coinbase Ventures and Andreessen Horowitz. Previous investors like Sequoia, Paradigm, Ribbit, and Tiger Global also participated in the funding round. Using the new funds, the crypto exchange plans to onboard 50 million Indians on the platform and introduce new services like lending and staking. The Indian crypto exchange also expects to launch an institutional-grade product as well as support more diverse investment options. Other planned initiatives include an innovation fund, a crypto education hub for crypto.
CoinSwitch Kuber becomes the largest crypto company in India.
“Every evolution takes a leap of faith, we are taking a giant one today with CoinSwitch Kuber turning into a unicorn and becoming the largest crypto company in the country,” The exchange’s co-founder and CEO Ashish Singhal said. CoinSwitch Kuber is now one of the largest crypto exchanges in India alongside platforms like WazirX and CoinDCX. Since its launch in 2020, the crypto exchange has managed to amass ten million users as of September 2021. In a Series B round in April, the exchange previously raised $25 million from investors, including Tiger Global, following a $15 million Series A round in January.