Major Indian cryptocurrency exchange CoinSwitch Kuber is joining the unicorn club by elevating $260 million in a Series C funding round.
In response to an official announcement on Oct. 6, 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 enterprise capital arm Coinbase Ventures and Andreessen Horowitz. Previous investors like Sequoia, Paradigm, Ribbit and Tiger Global have also participated in the round.
Using the new funds, Exchange plans to onboard 50 million Indians on the platform and introduce new services like lending and staking. The trade also expects to launch an institutional-grade product as well as support more various funding options. Different deliberate initiatives include an innovation fund a crypto education hub for crypto.
“Each evolution takes a leap of faith, we’re taking a giant one today with CoinSwitch Kuber turning into a unicorn and changing into the biggest crypto firm in the country,” co-founder and CEO Ashish Singhal mentioned.
CoinSwitchKuber is one of the largest crypto exchanges in India alongside platforms like WazirX and CoinDCX. Since its launch in 2020, CoinSwitch Kuber has managed to amass 10 million customers 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.