Private Equity Fund Investments
Crypto startup CoinSwitch Kuber raises $260-M; turns Unicorn
Bangalore-based cryptocurrency exchange Coinswitch Kuber has raised over USD 260 million led by two new US-based investors - well known tech investor Andreessen Horowitz (a16z; in its first India investment) and crypto specialist Coinbase Ventures. Existing Coinswitch investors Tiger Global, Sequoia Capital India and Paradigm - also invested in the round which raised its valuation four times in six months to USD 1.9 billion, making it India's second cryptocurrency unicorn (after CoinDCX - which has also been backed by Coinbase Ventures). Coinswitch plans to use the new funds to hire talent across engineering, product and data functions, in addition to launching more asset classes, spreading awareness about cryptocurrency and attracting institutional clients. CoinSwitch was founded in 2017 as a global aggregator of cryptocurrency exchanges. The company has an annual revenue of about USD 50 million.
From the Venture Intelligence PE-VC Deal Database: Between Apr-18 and Feb-21, Coinswitch had raised more than INR 307 crore from Ribbit Capital, Sequoia Capital India and Tiger Global.
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