CoinSwitch Kuber raised $25 million (Rs 181 crore) from venture investor Tiger Global Management at a valuation of over half a billion, making it India’s largest funded crypto platform, the company said on Thursday.
The Bengaluru-based company said that it would use the capital raised to increase hiring, boost its product and security capabilities and create awareness for digital currencies in India.
The funding, which was made in Series B round, comes at a time when global giants like Tesla, Mastercard, PayPal have started accepting cryptocurrencies on their network.
“This is a monumental time for the crypto industry in India and globally, as institutional adoption as well as retail adoption for this asset class is increasing exponentially,” Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, said.
CoinSwitch Kuber said that it expects to onboard 10 million users in 2021. The platform currently has over 4.5 million users in India and crossed five billion in transaction volume in March 2021.
CoinSwitch Kuber, whose parent company is CoinSwitch, has seen 350% growth in its user base since January boosted by robust interest among Indian users.
India is the second biggest Bitcoin market in Asia after China, and the sixth largest globally after the US, Nigeria, China, Canada and the United Kingdom, the startup said.
In January 2021, CoinSwitch Kuber raised $15 million in Series A funding from leading global fintech and crypto investor Ribbit Capital, San-Francisco based crypto focused investment firm Paradigm and Sequoia Capital India.
The investment would mark the New York-based investing powerhouse Tiger Global’s first investment in an Indian cryptocurrency company.