Cryptocurrency investment platform CoinSwitch raises $25M from Tiger Global

CoinSwitch Kuber, a cryptocurrency investment platform, Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari.

At the valuation of over $500 Million, a cryptocurrency investment platform startup, CoinSwitch raised $25 Million in series B round from TIger Global Management.

According to the startup, it says that they are the highest-funded cryptocurrency player in India, CoinSwitch Kuber claims that it is the first time investment by Tiger Global in an Indian cryptocurrency company.

Co-founder and CEO Ashish Singhal said, “This is a monumental time for the crypto industry in India and globally, as institutional adoption, as well as retail adoption for this asset class is increasing exponentially…This investment round brings us at par with some of the most sought after cryptocurrency companies in the world and sets us up for the long run.”

This Bengaluru based startup will utilise this raised funds in advancement of technology, better products and security, some amount of funds will be used for brand building and hiring talents

Earlier in January, CoinSwitch Kuber had raised $15 million in Series A funding from Ribbit Capital, Paradigm, and Sequoia Capital India.

CoinSwitch has witnessed 350 percent growth in its user base since this January. The platform now has over 4.5 million users in India and recorded $5 billion in transaction volume in March 2021, 10 months since its launch. The company plans to onboard 10 million users this year.

Scott Shleifer, Partner, Tiger Global, said, “As they build India’s leading cryptocurrency platform, CoinSwitch is well positioned to capture the tremendous growing interest in crypto among retail investors. We are excited to partner with CoinSwitch as they innovate in this emerging asset class.”

CoinSwitch Kuber launched its crypto platform in June 2020 and within 200 days, onboarded one million users while clocking investments over Rs 2,000 crore. Now, it plans to enter into new asset classes to offer more investment choices to its users.