India-based cryptocurrency exchange operator Coinswitch Kuber secured $260m today in a series C round co-led by fellow crypto exchange Coinbase through its corporate venturing unit, Coinbase Ventures.
Andreessen Horowitz co-led the round, which included Sequoia Capital India, Ribbit Capital, Paradigm and Tiger Global Management. With a valuation of $1.91bn, the round ostensibly makes Coinswitch Kuber the highest valued crypto-focused company in India.
Founded in 2017, Coinswitch Kuber providers an online platform where users can buy and sell cryptocurrencies. It has doubled its active monthly users to 10 million since May when it stood at 5 million, an increase from 1 million in November 2020.
The cash will be used to bring aboard an estimated 50 million new users in India in addition to growing the company’s team and product lines – including for institutional clients – and launching a crypto innovation fund.
Tiger Global had provided $25m in series B funding for Coinswitch Kuber in April this year following a $15m series A three months earlier that was co-led by Ribbit Capital and Paradigm and which also featured Sequoia Capital India and angel investor Kunal Shah.
Highlighting its journey to unicorn status, the company said in a blog post: “It is always a roller coaster ride for any startup like ours with innovation in their DNA, but our journey often took us to the deepest lows on the way to this incredible high.
“Cryptocurrency used to belong to the dark side – an alien, complex concept that so many thought of as something illegal and not to be played around with.”
