CoinSwitch Kuber, one of the rapidly growing cryptocurrency platforms in India, has just raised $15 million in Series A funding. Perhaps the largest single round of funding in India, this one was led by the leading San-Francisco-based crypto-focused investment firm, Paradigm, and global fintech and crypto investor Ribbit Capital. The deal brings together two global investors to assist the CoinSwitch Kuber team. This also marks Ribbit Capital’s first investment in a cryptocurrency firm in India. The firm’s existing investor Sequoia Capital India and notable angel investor, CRED founder Kunal Shah, also participated in the round.
Kuber aims to invest in security, tech, product, and fund capabilities and be a formidable brand with the aim of being the leading cryptocurrency investment platform for the Indian crypto community. Furthermore, by the end of 2021, it targets to create a user base of 10 million.
“We are thrilled to have the world’s most focused fin-tech and crypto investors, Ribbit and Paradigm join us as partners in our journey to make cryptocurrency investments accessible to retail investors in India. The continued backing of our existing investors led by Sequoia Capital India is a testimony to the tremendous impact we have had on the crypto ecosystem in the country within a short time of our launch. We aim to double down on the Indian market and are targeting a ten times growth in our user base by the end of the year. To this end, we will invest in product and technology and also run a slew of awareness initiatives to educate investors about the potential of crypto as an emerging asset class.”Ashish Singhal, CEO, and Co-founder, CoinSwitch Kuber
Within 200 days of Kuber’s launch, the platform claimed 1 million customers and investments of over Rs. 2000 crore. The product was created especially for retail investors and aims to simplify cryptocurrency investments for retail users in India. Kuber provides its customers with the competitive rates by combining liquidity from the top global and Indian crypto platforms and assists 100s of cryptos for customers to purchase and sell using INR. The founders of CoinSwitch Kuber, Govind Soni, Vimal Sagar Tiwari, and Ashish Singhal were previously at Microsoft, Zynga, and Amazon respectively before creating CoinSwitch in 2017.
CoinSwitch offers 300 coins and 45,000 currency pairs via its global aggregation platform and partnerships. It also offers API to the payment service providers. It was after observing the growing desire for cryptocurrency investments in Indians that an India-exclusive platform, CoinSwitch Kuber was launched. It is also designed in a simplified manner, keeping first-time users of cryptocurrency in mind.
The latest investment in Kuber has come at a time when the Indian crypto community is witnessing unprecedented growth. With the spike in interest of users in the crypto market, India has become the second-biggest bitcoin country in Asia after China and the sixth biggest in the world. As per reports, the Indian crypto market’s trading has grown 500% since March 2020 indicating the potential of the Indian Crypto market and therefore gaining attention from global investors like Ribbit Capital and Paradigm.
General Partner at Ribbit Capital, Nick Shalek, said:
“We are very excited to invest in CoinSwitch, which we believe can become a generational technology brand in India. Our mandate is to invest in the best entrepreneurs and technologists driving change in financial services, and Ashish, Vimal, and Govind fit the bill. We backed the team not only because of their track record of product and technology innovation but also because of their resolute commitment to serving their customers.”
Further, Matt Huang, Co-founder and Managing Partner at Paradigm, and Arjun Balaji, Investment Partner at Paradigm added:
“We are thrilled to partner with CoinSwitch in their mission to bring simple crypto investing to the Indian market. While the crypto landscape in India remains nascent, it has been an exciting past 12 months and over time we believe India could be one of the largest global crypto markets. Ashish and the CoinSwitch team have shown tremendous resilience and strong execution in a challenging market, giving us confidence in their potential to build a market leader in the years to come.”