CoinSwitch Kuber raises $260 million to become India’s biggest crypto exchange

CoinSwitch Kuber has become the biggest crypto company in India as its valuation reaches a whopping $1.9 billion. But according to an October 6 official announcement, its dominance is coming from raising $260 million in a Series C funding round.

The funding round was led by Andreessen Horowitz and the venture capital arm of Coinbase, Coinbase Ventures. Meanwhile, the funding round also saw previous investors like Ribbit, Paradigm, Tiger Global, and Sequoia participating.

When asked about CoinSwitch Kuber’s plans of using the new funds, CEO Ashish Singhal says the exchange will use it to onboard 50 million Indians on the platform. And not only that, the platform will also be introducing new services like staking and lending. In addition, the exchange hopes to launch an institutional-based product soon, whilst also supporting a wider range of investment options. Ashish also hinted at other planned initiatives, including an innovation funding for a crypto education hub.

The obviously excited CEO and co-founder took to his Twitter page to share the news with his followers. He tweeted about how every evolution begins with a leap of faith. And he believes that CoinSwitch Kuber has taken that leap of faith by becoming the biggest crypto company in India.

How far has CoinSwitch Kuber come?

CoinSwitch Kuber is now one of the largest crypto exchange platforms in India alongside CoinDCX and WazirX. In just a year of its launch, it has gone on to amass over 10 million users and still counting. The exchange had previously raised $15 million and $25 million in the Series A and Series B fundings that took place in January, and then in April respectively.

Hopefully, the company will live up to expectations and build on this great momentum that it already has.

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