6 October 2021 – Indian cryptocurrency exchange CoinSwitch Kuber has raised over $260 million in series C funding taking its valuation to $1.9 billion. The company grew its customers from 5 million in May 2021 to 10 million in September 2021, even though the government guidelines on cryptocurrency trading remain unclear. The funding round was led by Coinbase Ventures and Andreessen Horowitz, along with previous investors Sequoia, Paradigm, Ribbit and Tiger Global also participating.
CoinSwitch, which competes with cryptocurrency platforms including WazirX and CoinDCX in India, has over 10 million users in the country with a monthly active user base of over seven million. CoinSwitch said it would use the funds to onboard 50 million Indians on its platform and roll out new products.
Re-disseminated from CoinSwitch