Cryptocurrency investment platform CoinSwitch Kuber has scored $25 million in its Series B round from Tiger Global Management, marking the first investment of the New York-based hedge fund in a crypto platform in India.
The fresh round for CoinSwitch Kuber comes only after three months. In January, it scooped up $15 million in its Series A funding round led by Ribbit Capital and Paradigm.
According to the Sequoia Capital-backed company, the fresh round will push its valuation over $500 million. It has raised around $41 million to date.
“We have grown 350% in the past quarter and now have over 4.5 million users trusting the CoinSwitch Kuber app on Android and iOS. This latest valuation also makes us the largest crypto platform in India, putting us in India’s top 5 finance apps,” said Amit Singhal, CEO and co-founder of CoinSwitch Kuber.
The three-year-old company founded by Singhal, Govind Soni, and Vimal Sagar Tiwari was started as a global aggregator of cryptocurrency exchanges. The company launched its India exclusive cryptocurrency platform CoinSwitch Kuber right in June 2020.
Headquartered in Singapore, Coinswitch Kuber claims to receive around 60% of the company’s revenue from India. With an existing user base of 4.5 million, the company aims to onboard over 10 million users by the year-end.
The investment by Tiger Global also comes at a time when there is uncertainty over operations of cryptocurrency-based platforms in India. As per a Reuters report, the Indian government has been proposing a law to ban cryptocurrencies in the country.
Meanwhile, Coinbase, a US-based $64 billion valued cryptocurrency platform has hired Pankaj Gupta as the vice president of engineering and site lead for India. Gupta was Google Pay’s engineering lead in India and the Asia Pacific.