[Funding alert] CoinSwitch Kuber raises $25M from Tiger Global at over $500M valuation
, a cryptocurrency investment platform startup, has raised funding of $25 million in a Series B round from Tiger Global Management at a valuation of over $500 million.
The startup claims this is the first investment by Tiger Global in an Indian cryptocurrency company. CoinSwitch Kuber also claims that it is the highest-funded cryptocurrency player in India.
Co-founder and CEO Ashish Singhal said, “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…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.”
Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari, the Bengaluru-based startup will use this funding to make investments in enhancing technology as well as boosting its product and security capabilities. Besides, it will also be used for brand building and hiring talent.
Earlier in January, CoinSwitch Kuber had raised $15 million in Series A funding from Ribbit Capital, Paradigm, and Sequoia Capital India.
The startup said it has witnessed 350 percent growth in its user base since this January. The platform now has over 4.5 million users in India and recorded $5 billion in transaction volume in March 2021, 10 months since its launch. The company plans to onboard 10 million users this year.
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.”
CoinSwitch Kuber launched its crypto platform in June 2020 and within 200 days, onboarded one million users while clocking investments over Rs 2,000 crore.
Now, it plans to enter into new asset classes to offer more investment choices to its users.