Crypto investing and trading platform CoinSwitch said its revenue rose 150% year-on-year to Rs 324.19 crore in the financial year through March 2026, as the company significantly improved operating leverage.
The firm said its operating costs rose 37% to Rs 270.07 crore and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped more than 50 times to Rs 86.38 crore in FY26 from Rs 1.65 crore in FY25, taking the adjusted EBITDA margin to 27% from 1%. The company didn’t disclose how it calculates adjusted EBITDA.
CoinSwitch also said revenue per employee more than doubled during FY26, even as its employee base expanded 11%. The company continued to invest in technology, product, security and customer experience during the year.
Founded in 2017 by Ashish Singhal, Vimal Sagar Tiwari and Govind Soni, CoinSwitch initially operated as a global cryptocurrency exchange aggregator before launching its India-focused platform in 2020. The company currently serves more than 2 crore users and offers access to more than 450 cryptocurrencies.
CoinSwitch has raised substantial institutional capital since entering the Indian market. In January 2021, it raised $15 million in a Series A round led by Ribbit Capital and Paradigm, with participation from Sequoia Capital India (now known as Peak XV Partners) and Cred founder Kunal Shah.
The round was followed by a $25 million Series B round from Tiger Global in April 2021, which valued the company at more than $500 million. Later that year, CoinSwitch raised more than $260 million in Series C funding led by Andreessen Horowitz and Coinbase Ventures, with participation from existing investors including Paradigm, Ribbit Capital, Sequoia Capital and Tiger Global. The round valued the company at around $1.9 billion, making CoinSwitch the second Indian crypto unicorn after CoinDCX at the time.
The company has expanded beyond its core trading platform. In 2022, CoinSwitch launched a Web3 Discovery Fund to invest in and incubate early-stage blockchain startups, with backing from its investor ecosystem.
