a16z supports Indian cryptocurrency exchange in $260M funding round

Indian cryptocurrency exchange Coinswitch Kuber has raised more than $260 million in its latest funding round, with contributions from Andreessen Horowitz (a16z) and Coinbase Ventures.

Coinswitch Kuber Secures Funding

While regulation of cryptocurrency in India appears uncertain, large investors see potential.

Coinswitch Kuber, a Bangalore-based crypto exchange, has become India’s largest unicorn digital currency, raising more than $260 million in its latest Series C funding round. The exchange announced the conclusion of its filing Wednesday.

A $1.9 billion crypto dream! WE ARE OFFICIALLY THE BIGGEST CRYPTO UNICORN IN INDIA!

Excited to announce $260+M Series C funding led by @a16z & Tweet embed, together with Tiger Global Tweet embed @Model & Tweet embed 🙏

CoinSwitch, Making Crypto Happen! 💫#KuchTohBadlega pic.twitter.com/peJxxjzWN9

– CoinSwitch Kuber (CoinSwitchKuber) October 6, 2021

Among the investors are US venture capital firm Andreessen Horowitz, Coinbase Ventures, and several smaller existing investors, including Paradigm, Ribbit Capital and Tiger Global.

It raised the value of Coinswitch Kuber at $1.9 billion, which puts it above the $1.1 billion valuation of rival Indian crypto exchange CoinDCX. The exchange stated that it will use the funds to help users and launch new products on the exchange, with the goal of increasing its user base from 10 to 50 million.

Launched in June last year, Coinswitch Kuber is exclusive to India and aims to simplify cryptocurrency trading. The mobile app currently supports more than 100 different cryptocurrencies and allows users to invest as little as 100 INR, which is around $1.30.

Andreessen Horowitz is fast becoming one of the leading venture capital firms in the cryptocurrency space. However, the participation in Coinswitch’s Series C marks the company’s first investment in India.

In June, Andreessen Horowitz launched a $2.2 billion crypto fund, the largest in the industry to date. Venture capital has so far invested hundreds of millions in crypto, with notable investments from the company including profit-making game Axie Infinity, NFT exchange OpenSea, and blockchain gaming platform Dapper Labs.

Disclaimer: At the time of writing this feature, the author owns BTC, ETH, and many other cryptocurrencies.

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