Bitcoin exchange CoinSwitch Kuber raises $260 million from a16z and Coinbase Ventures
Indian cryptocurrency exchange CoinSwitch Kuber has raised $260 million in a Series C funding round led by Coinbase Ventures and Andreessen Horowitz.
🚀🔥🦄BREAKING: The 30th unicorn to emerge from India in 2021— Chandra R. Srikanth (@chandrarsrikant) October 6, 2021
First Indian startup to get an investment from a16z
CoinSwitch Kuber turns unicorn, raises $260 million from Coinbase Ventures, a16z @CoinSwitchKuber
By @manicontrol2020 https://t.co/pxorjOmMKF
The firm was valued at $1.91 billion. According to CEO Ashish Singal, CoinSwitch Kuber became India's most expensive cryptocurrency company.
Every evolution takes a leap of faith, we are taking a giant one today with @coinswitchkuber turning into a #unicorn & becoming the largest crypto company in the country. I would like to thank @a16z & @coinbase for putting their faith in our dream. pic.twitter.com/yTbsasloVp— Ashish Singhal (CoinSwitch Kuber) (@ashish343) October 6, 2021
Previous investors Sequoia, Paradigm, Ribbit and Tiger Global also participated in the round.
The bitcoin exchange aimed to increase the number of users of the platform from the current 10 million to 50 million and to launch steaming and cryptocurrency lending services.
CoinSwitch Kuber will create products aimed at institutional investors, an innovation fund and a digital asset education center. The proceeds will also be used to expand the team.