NEW DELHI: CoinSwitch Kuber on Wednesday entered the unicorn club, closing a $260+ million Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global.
This investment makes the crypto start-up the second crypto unicorn and the most valuable cryptocurrency company in India valued at $1.9 billion.
CoinSwitch Kuber will utilise the funds for introduction of new crypto products, leadership hiring, addition of new asset classes, crypto awareness and education among others, the crypto start-up said in a company statement.
CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible, said Ashish Singhal, Co-founder and CEO of the start-up.
“I believe, simplifying crypto investments for the Indian youth has helped us to stand out. We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto,” said Singhal.
“We are humbled by the trust shown in CoinSwitch Kuber by two of the biggest names in the global crypto investment arena with Andreessen Horowitz choosing us to be their first investment in India,” Singhal added in the statement.