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Indian crypto trade Coinswitch Kuber has raised greater than $260 million in its newest funding spherical, with contributions from Andreessen Horowitz (a16z) and Coinbase Ventures.
Coinswitch Kuber Secures Funding
Whereas crypto regulation in India appears unsure, large buyers see potential.
Coinswitch Kuber, a Bangalore-based crypto trade, has turn into India’s largest crypto unicorn, securing over $260 million in its newest Collection C funding spherical. The trade introduced the conclusion of its elevate Wednesday.
A $1.9 billion crypto dream! We’re formally India’s LARGEST CRYPTO UNICORN!
Excited to announce our Collection C funding of $260+mn led by @a16z & @Coinbase, together with Tiger International @RibbitCapital @paradigm & @Sequoia_India 🙏
CoinSwitch, making Crypto occur! 💫#KuchTohBadlega pic.twitter.com/peJxxjzWN9
— CoinSwitch Kuber (@CoinSwitchKuber) October 6, 2021
Among the many buyers are the American enterprise capital agency Andreessen Horowitz, Coinbase Ventures, and several other smaller current buyers, together with Paradigm, Ribbit Capital, and Tiger International.
The elevate values Coinswitch Kuber at $1.9 billion, putting it above the $1.1 billion valuation of competing Indian crypto trade CoinDCX. The trade said that it’s going to use the funds to assist onboard customers and launch new merchandise on the trade, with the intention of rising its person base from 10 to 50 million.
Launched in June final yr, Coinswitch Kuber is unique to India and goals to simplify crypto buying and selling. The cell app at present helps over 100 totally different cryptocurrencies and permits customers to take a position as little as 100 Indian rupees, about $1.30.
Andreessen Horowitz has rapidly turn into one of many main enterprise capital companies within the crypto area. Nevertheless, the participation in Coinswitch’s Collection C marks the agency’s first funding in India.
In June, Andreessen Horowitz launched a $2.2 billion crypto fund, the most important within the trade so far. The enterprise capital has to date invested a whole bunch of hundreds of thousands into the crypto area, with notable investments from the agency together with the hit play-to-earn recreation Axie Infinity, the NFT trade OpenSea, and the blockchain gaming platform Dapper Labs.
Disclaimer: On the time of penning this function, the writer owned BTC, ETH, and several other different cryptocurrencies.
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