CoinSwitch Kuber raises $25 mn from Tiger Global; valuation touches USD 500 mn

CoinSwitch Kuber on Thursday said it has raised USD 25 million (about Rs 181 crore) from Tiger Global Management, valuing the cryptocurrency investment platform at over USD 500 million.

In January this year, CoinSwitch Kuber had raised USD 15 million in series A funding from Ribbit Capital, San-Francisco-based crypto-focused investment firm, Paradigm and Sequoia Capital India.

CoinSwitch Kuber has witnessed 350 per cent growth in user base since January this year, a statement said.

The platform now has over 4.5 million users in India and crossed USD 5 billion in transaction volume in March 2021, it added.

The company plans to onboard 10 million users this year.

CoinSwitch was founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari as a global aggregator of cryptocurrency exchanges. The company launched its India exclusive crypto platform CoinSwitch Kuber in June last year.

CoinSwitch Kuber will invest heavily in enhancing technology and boosting product and security capabilities, the statement said.

It also aims to set aside a substantial sum towards brand building and increasing awareness around cryptocurrencies as an emerging asset class by introducing an array of marketing initiatives, it added.

Hiring top talent across technology, operations, marketing, product and compliance teams, to fuel growth, is another priority, it noted.

CoinSwitch also plans to enter into new asset classes to offer more investment choices to its users.

''This is a monumental time for the crypto industry in India and globally, as institutional adoption as well as retail adoption for this asset class is increasing exponentially. We are thrilled to have Tiger Global Management, the most prolific backers of the Indian startup story, as investors and mentors in our journey,'' Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, said.

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