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CoinSwitch Kuber funding

Cryptocurrency investment platform startup, CoinSwitch Kuber announced that it has raised funding of $25 million in a Series B round from Tiger Global Management at a valuation of more than $500 million. 

The startup claims this is the first investment by Tiger Global in an Indian cryptocurrency company. CoinSwitch Kuber also claims to be the highest-funded cryptocurrency player in the country.

Commenting on the investment, Co-founder and CEO Ashish Singhal said, “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. This investment round brings us at par with some of the most sought after cryptocurrency companies in the world and sets us up for the long run.”

Launched in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, the Bengaluru-based startup plans to utilize this latest funding to make investments in upgrading technology as well as accelerating its product and security capabilities. Additionally, it will also be utilized for brand building and recruiting talent. 

Earlier in January, CoinSwitch Kuber had raised $15 million in Series A funding from Ribbit Capital, Paradigm, and Sequoia Capital India.

The startup claimed to have observed 350 percent growth in its user base since January 2021. The platform now has more than 4.5 million users in India and registered $5 billion in transaction volume in March 2021, 10 months since its launch. The company intends to gain 10 million users this year. 

Speaking about the development, Scott Shleifer, Partner, Tiger Global, said, “As they build India’s leading cryptocurrency platform, CoinSwitch is well-positioned to capture the tremendous growing interest in crypto among retail investors. We are excited to partner with Coinswitch as they innovate in this emerging asset class.”

CoinSwitch Kuber launched its crypto platform in June last year and within 200 days, onboarded one million users while recording investments over Rs 2,000 crore. 

Now, it intends to penetrate new asset classes to give more investment choices to its users.

The youth of the country is well-informed and more inclined towards investing in cryptocurrencies. This brings huge growth opportunities for CoinSwitch Kuber that can scale its operations with the freshly raised funds.

Shishir Gupta, Founder and CEO, StartupLanes

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