India’s CoinSwitch Kuber raises $260 million

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CoinSwitch Kuber, the major Indian cryptocurrency exchange, is joining the unicorn club by raising $260 million in a Series C funding round.

According to an official announcement on October 6, new funding propelled CoinSwitch Kuber to the “top” of India’s unicorns as the company became “India’s most valuable crypto company” with a value of $1.91 billion.

The funding round was led by Coinbase Ventures, the venture capital arm of Coinbase Ventures, and Andreessen Horowitz. Previous investors such as Sequoia, Paradigm, Ribbit and Tiger Global also participated in the round.

With the new money, CoinSwitch Kuber plans to include 50 million Indians on the platform and introduce new services such as lending and warehousing. The exchange also expects to launch an institutional grade product as well as support more diversified investment options. Other planned initiatives include an innovation fund and a crypto education center.

“Every development takes a leap of faith, we are taking a giant evolution today with CoinSwitch Kuber turning into a unicorn and becoming the largest crypto company in the country,” CoinSwitch Kuber Founder and CEO Ashish Singhal She said.

Related: US cryptocurrency exchange CrossTower expands to India

CoinSwitch Kuber is one of the largest cryptocurrency exchanges in India along with platforms like WazirX and CoinDCX. Since its launch in 2020, CoinSwitch Kuber has amassed 10 million users as of September 2021. The exchange previously raised $25 million from investors including Tiger Global in its Series B round in April, following a $15 million Series A round in January.