CoinSwitch Kuber, an India-based crypto startup, said that it had raised $25 million in a new financing round on April 22. CoinSwitch Kuber looks to expand its reach in India since it is the world’s second-largest internet market, and the future of private cryptocurrencies remains uncertain. The entire Series B funding round was financed by Tiger Global. It valued CoinSwitch Kuber at more than $500 million. This announcement has come after CoinSwitch received $15 million in Series A round from Sequoia Capital India, Ribbit Capital, and Kunal Shah. To date, CoinSwitch Kuber has raised $41.5 million.
In a statement, Scott Shleifer, Partner at Tiger Global, said that CoinSwitch is building India’s leading cryptocurrency platform and is in an excellent position to amass more users. He further said that the team at Tiger Global is excited to partner with CoinSwitch.
Earlier this month, as per reports, the New York-headquartered technology hedge fund was in advanced stages to lead investments in CoinSwitch Kuber and many Indian startups.
CoinSwitch Kuber attracting the youth
CoinSwitch Kuber is a Bangalore-based startup that allows investment in cryptocurrencies for young users in India. It is one of the few startups that is operating in the cryptocurrency space. Slivers of several popular cryptocurrencies can be bought at the crypto exchange. For instance, a user on CoinSwitch can buy other currencies or small sachets of bitcoin for as low as 100 Indian rupees ($1.30).
According to reports, the startup has amassed over 4.5 million users. Half of its users are aged 25 or younger. CoinSwitch Kuber, in the past 11 months, said it processed over $5 billion transactions. The startup aims to have 5.5 million users by the end of this year.
Cryptocurrency in India
Trading of private cryptocurrency is currently legal in India. However, the Indian government could introduce a law that bans all forms of private cryptocurrency.
Co-founder and chief executive of CoinSwitch Kuber, Ashish Singhal said that he is optimistic that India will not ban private cryptocurrencies. He also added that this investment has brought CoinSwitch Kuber at par with some of the big companies in the cryptocurrency space across the world.
The indication to formulate a new law in India came after the startup closed the financing round with Tiger Global. As per reports, few crypto startups have started exploring a plan in case cryptocurrency trading gets banned in India. Most of the crypto startups in India are building here but focus on customers from other countries.