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- Coinswitch Kuber Raises Rs 1,963 Crore Series C Fund, Becomes India’s Largest Crypto Asset Platform
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The company’s COO Vimal Sagar, CTO Govind Soni and CEO Ashish Singhal. (left to right)
Bengaluru-based crypto startup CoinSwitch Kuber has received Series C funding of $260 million (approximately Rs 1,963 crore) from Andreysin Horowitz (a16Z) and Coinbase. The company’s existing investors Paradigm, Ribbit Capital, Sequoia Capital and Tiger Global have invested in this round of investment. This information has been given after the arrival of more than 10 million Indians on the crypto platform of Coinswitch Kuber.
Coinbase invests Rs 1,132 crore in Coinswitch Kuber
Coinbase has invested $ 150 million in Coinswitch Kuber, or about Rs 1,132 crore. This is its largest investment in any company outside the US. This funding round has earned CoinSwitch Kuber the status of a unicorn. It has become India’s most valuable crypto company with a valuation of $1.9 billion (Rs 14,343 crore). CoinSwitch Kuber had raised funds of 188 crores in the B Series round.
Global venture capital leader a16Z has invested over Rs 604 crore
Veteran global venture capital leader a16Z has invested over $80 million or Rs 604 crore in CoinSwitch Kuber. This is its first investment in an Indian company. Coinbase is a giant of the crypto currency market, which is known for laying the foundation of the crypto economy. It operates one of the largest crypto exchanges in the world.
Coinbase’s investment is a sign of trust in the company’s business model
Ashish Singhal, Co-Founder and CEO, CoinSwitch Kuber, says, “We are overwhelmed by the confidence that two of the world’s crypto market leaders have placed in CoinSwitch Kuber. Andreessen Horowitz has chosen us for his first investment in India. Coinbase’s investment shows that they have great faith in the company’s business model. They see immense potential in India’s crypto space.
Create a unique product to meet all the needs of institutional investors
CoinSwitch Kuber will use this fund to drive its growth through investments in talent and products. The company also plans to introduce trading in a new asset class apart from crypto on its platform. Through this, it wants to provide institutional investors with a unique product that meets all their requirements.
Coinswitch Kuber to create knowledge based crypto ecosystem in the country
The company wants to create an ecosystem fund that will enable budding talent in the country. CoinSwitch will use the Kuber Fund to create a knowledge-based crypto ecosystem in the country and provide investors with information about crypto.
Over 10 million users and over 250 employees within 14 months
CoinSwitch Kuber was started as a global company in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar. Singhal is the CEO of the company, Sony CTO and Sagar is the COO. The company started its business in India in June 2020. Within 14 months, it has built a huge organization of more than 10 million users and more than 250 employees.
Believe in financial inclusion, aim to make investing in cryptocurrencies universal
The startup makes investing in crypto as easy as ordering food online by offering you the ability to buy over 80 coins with a single click. Its leaders believe in financial inclusion, so the company aims to make cryptocurrency investments a way that anyone can make money.