Cryptocurrency exchange CoinSwitch Kuber is now India’s second crypto unicorn and also the most valuable at $1.9 billion valuation with the latest investment round of over $260 million, announced by the company on Wednesday. In August this year, another crypto exchange CoinDCX had announced a $1.1 billion valuation with its Series C round of $90 million. CoinSwitch Kuber said it raised its Series C round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors including Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global. The startup said it achieved the unicorn status in ‘just over 14 months of operations in the country.
CoinSwitch Kuber will deploy new capital towards getting 50 million users on its platform, launching new crypto products, leadership hiring across engineering, product, data, growth and other roles, reaching out to institutional clients, setting up an ‘ecosystem fund’ to back people building crypto products, and creating crypto awareness among investors.
“We are humbled by the trust shown in CoinSwitch Kuber by two of the biggest names in the global crypto investment arena with Andreessen Horowitz choosing us to be their first investment in India. Coinbase Ventures’ investment is also testimony to the confidence they have in CoinSwitch Kuber’s business model,” Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber said in a statement.
Launched in 2017 as a global aggregator of crypto exchanges, the company began operations in India in June last year. In September this year, the company announced hitting 10 million registered user mark to “become India’s largest crypto platform,” a company statement said. Of this user base, 7 million are active users with a monthly transaction volume of Rs 15,138 crores.
Over 55 per cent of CoinSwitch Kuber users come from Tier-II and Tier-III cities, while 45 per cent from Tier-I cities. According to the company, average crypto investment is around Rs 9,000 per month per user, with investors in Tier- I cities making larger trades over smaller towns. The average monthly ticket size per user is around Rs 11,600 in Tier-I cities, around Rs 6,600 in Tier-II, and Rs 3,500 in Tier-III cities.