CoinSwitch Kuber raises USD 260m in Series C funding

By Leandra Monteiro

CoinSwitch Kuber, one of India’s fastest growing crypto asset platforms, announced that it has closed a $260+ million Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global. a16z is a global venture capital firm known to back bold entrepreneurs building the future through technology while Coinbase is one of the early pioneers of creating a crypto economy and operates one of the world’s largest crypto exchanges. This investment makes CoinSwitch Kuber a unicorn and the most valuable crypto company in India valued at $1.9 Billion.

Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber said, “CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible. I believe, simplifying crypto investments for the Indian youth has helped us to stand out. We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto. We are humbled by the trust shown in CoinSwitch Kuber by two of the biggest names in the global crypto investment arena with Andreessen Horowitz choosing us to be their first investment in India. Coinbase Ventures’ investment is also testimony to the confidence they have in CoinSwitch Kuber’s business model and the tremendous potential India’s crypto space has to offer.”

“The CoinSwitch Kuber team has worked round the clock to be the most preferred platform for crypto investors in India. This has helped us to reach the unicorn status in just over 14 months of operations in India. Over the last one year our focus has been to develop a robust product for Indian consumers. Now with this funding, we hope to propel ourselves further on our mission to bring crypto to every household in India.”

“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. “Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India.”