Indian cryptocurrency exchange CoinSwitch Kuber announced that it has secured $260 million in a Series C funding round. The company has now achieved unicorn status and is valued at $1.9 billion.
a16z’s first crypto investment in India
For Andreessen Horowitz, this was a16z’s first crypto investment in India. He backed the round along with Coinbase Ventures as one of CoinsWitch Kuber’s new investors. Existing investors such as Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global were also involved.
We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country,” said David George, general partner at Andreessen Horowitz.
What is CoinSwitch Kuber?
CoinSwitch says it currently has over 10 million users with a monthly active user base of over 7 million. The exchange is now a retail-focused platform but plans to bring institutional clients on board as well. With the new injection of capital, CoinSwitch aims to bring 50 million users to its platform and introduce new products such as lending and staking. The exchange also plans to expand its team in the areas of technology, products, data, and growth.
CoinSwitch is the second Indian crypto exchange to achieve unicorn status as venture capital firms continue to invest millions of dollars in the country’s crypto sector despite an uncertain regulatory environment in India. Crypto is currently neither legal nor illegal in India, but despite the uncertain environment the Indian crypto market keeps growing as more citizens start using crypto exchanges and DeFi in the country.