Major Indian cryptocurrency exchange CoinSwitch Kuber is joining the unicorn club, having raised $260 million in a Series C funding round.
According to an official announcement on Wednesday, the new funding has propelled CoinSwitch Kuber to the “very top” of Indian unicorns, as the firm became “India’s most valued crypto company” at $1.91 billion.
The funding round was led by Coinbase’s venture capital arm Coinbase Ventures and Andreessen Horowitz. Previous investors such as Sequoia, Paradigm, Ribbit and Tiger Global have also participated in the round.
Using the new funds, CoinSwitch Kuber plans to onboard 50 million Indians on the platform and introduce new services like lending and staking. The exchange also expects to launch an institutional-grade product as well as support more diverse investment options. Other planned initiatives include an innovation fund a crypto education hub for crypto.
“Every evolution takes a leap of faith, we are taking a giant one today with CoinSwitch Kuber turning into a unicorn and becoming the largest crypto company in the country,” CoinSwitch Kuber co-founder and CEO Ashish Singhal said.
CoinSwitch Kuber is one of the largest crypto exchanges in India alongside platforms such as WazirX and CoinDCX. Since its launch in 2020, CoinSwitch Kuber has managed to amass 10 million users as of September 2021. The exchange previously raised $25 million from investors, including Tiger Global, in a Series B round in April, following a $15-million Series A round in January.