Indian Crypto Exchange CoinSwitch Kuber Raises $260M+ at $1.9B Valuation
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Cryptocurrency exchange CoinSwitch Kuber has raised more than $260 million at a valuation of$1.9 billion, Reuters reports. While government policy regarding the cryptocurrency market remains unclear, the exchange raised the funds from Andreessen Horowitz, Paradigm, Ribbit Capital, Sequoia Capital India, Tiger Global, and Coinbase Ventures.

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The company plans to use the capital to register 50 million Indians on its platform and launch new products. The Bengaluru-based cryptocurrency exchange today has 10+ million users in India with a monthly active user base of more than 7 million. Ashish Singhal, CoinSwitch Kuber Chief Executive, says the exchange grew from a 20 people team to over 250 people from March 2020.

Indian Crypto Exchanges Struggle to Find Payment Solutions Over Banks' Hostility: Report

Earlier in September, iHodl reported that Andreessen Horowitz was in talks with CoinSwitch Kuber to back the Indian crypto platform as part of its multi-strategy investment plan. CoinSwitch Kuber was founded in June 2020. The platform is aimed at the Indian retail market only and supports over 100+ cryptocurrencies.

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