BANGALORE: CoinSwitch Kuber has managed to raise a Series C Funding of $260 million from Coinbase Ventures and Andreessen Horowitz’s equity fund (a16z) at a valuation of $1.91 billion, making the cryptocurrency trading platform the 30th startup to enter the unicorn club this year.
The round was led by Coinbase Ventures, Andreessen Horowitz’s private equity fund (a16z) and existing investors Sequoia, Paradigm, Ribbit and Tiger Global.
Today the company tweeted and said, ‘It has managed to become India’s largest Crypto Unicorn’.
In the process, CoinSwitch Kuber became the second crypto trading startup to achieve unicorn valuation. According to a report by Chainalysis, the Indian cryptocurrency market has expanded 641 per cent in the past year which is the driving growth of digital currencies in the region.
The company said, with the latest round of funding they are going to onboard 50 million users on their platform and launch various new assets classes to offer multiple investment options. CoinSwitch Kuber aims to become a one-stop-shop for all information and knowledge about crypto.
As the company has become a category leader, we aim at paving the way for launching a fund for second generation of young innovators in the crypto ecosystem that can join hands in mobilize the potential that the industry has to offer, CoinSwitch Kuber’s co-founders Ashish Singhal, Govind Soni and Vimal Sagar Tiwari said in a statement.