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CoinSwitch Kuber, one of India’s major crypto exchanges, is now one of the country’s most valuable startups. The company has successfully raised $260 million in a recent funding round that valued the crypto platform just shy of $2 billion catapulting it to the very top of India’s unicorns.
In an announcement on Wednesday, CoinSwitch Kuber said that that it raised $260 million. “Fuelled by your support and the passion shown by our incredibly dedicated team, we’ve managed to raise a Series C Funding of $260 Million,” the company said.
Coinbase’s venture capital arm Coinbase Ventures and Andreessen Horowitz led the crypto exchange’s recent funding round. Other participants also included previous investors Paradigm, Ribbit, Sequoia, and Tiger Global.
The funding round also secured CoinSwitch Kuber’s place among India’s top unicorns. “This has now propelled us to the very top as India’s most valued Crypto company at $1.91 Billion!,” the company added.
The crypto exchange said that part of the funds will be used to help onboard around 50 million new Indian customers. The company also plans to use it to launch new crypto products and services such as lending and staking.
The company also plans to hire additional talent to join its growing team as well as addition of new asset classes to offer more investment options to its clients. CoinSwitch Kuber revealed plans of launching a product for institutional investors as well.
“With this latest round of funding, we are hoping to make Crypto investment even easier, safer, and faster for the people of India,” the company said.
