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Home Gadgets Coinswitch Kuber valued at $500 million after raising $25 million from Tiger

Coinswitch Kuber valued at $500 million after raising $25 million from Tiger


MUMBAI: Coinswitch Kuber, a cryptocurrency funding platform for retail merchants, has raised $25 million in a Collection B spherical from Tiger Global Management at a valuation of greater than $500 million.

This marks the primary funding of the New York-based investor in a cryptocurrency platform in India. It comes regardless of reviews that the
government is working on legislation that
seeks to ban all cryptocurrencies.

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In accordance with cofounder and CEO Ashish Singhal, the Tiger funding closed in mid-February, within the
midst of regulatory uncertainty.

“The dangerous information had come one week earlier than, [but] they had been bullish on our crew and product even after that,” Singhal informed ET.

He mentioned he and his traders, together with Tiger, are optimistic that the federal government will regulate crypto in India quite than ban it outright, following the lead of nations resembling Singapore and the US.

Coinswitch was based in 2017 by Singhal, Govind Soni and Vimal Sagar Tiwari as a worldwide aggregator of cryptocurrency exchanges. The corporate launched its India-exclusive crypto platform, CoinSwitch Kuber, in June 2020 to simplify crypto investments for Indian retail traders. About 60% of its customers are below the age of 25, Singhal mentioned.

Whereas the corporate’s core will stay crypto, Coinswitch is concurrently taking steps to diversify into different asset courses, Singhal mentioned when requested about the opportunity of a blanket ban in India.

“We consider that a number of our customers are very younger. They’ll diversify their portfolios within the subsequent two to 3 years into shares, mutual funds, and totally different asset courses altogether. So Coinswitch at all times needed to get into these asset courses, and supply full portfolio administration for our customers,” Singhal mentioned.

The corporate plans to make use of the funds to develop its crew of 135 to 300. It would additionally concentrate on enhancing know-how and boosting product and safety capabilities. The corporate additionally goals to take a position closely in constructing and growing consciousness round cryptocurrencies as an rising asset class.

Headquartered in Singapore, Coinswitch Kuber’s companies are accessible globally. Singhal mentioned 60% of the corporate’s income comes from its enterprise in India.

The platform has seen its consumer base develop 350% since January, the corporate mentioned. It has over 4.5 million customers in India and crossed $5 billion in transaction volumes between Could 2020 and March 2021. It goals to onboard 10 million customers this yr.

The corporate reported about $8 million in revenue in FY21 and this yr hopes to breach $100 million in income.

Tiger World can also be a backer of US crypto change Coinbase, which listed on Nasdaq on April 14. Tiger, which not too long ago
closed its largest-ever global fund of $6.65 billion, has been on a funding spree in India, the place it has had a direct hand in minting six new unicorns.

“As they construct India’s main cryptocurrency platform, Coinswitch is nicely positioned to seize the super rising curiosity in crypto amongst retail traders,” mentioned Scott Shleifer, Associate, Tiger World

Coinswitch Kuber
raised $15 million in Series A funding in January from Ribbit Capital and San-Francisco-based Paradigm. Its present traders embody Sequoia Capital India and CRED founder Kunal Shah.

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