The year 2021 is turning out to be nothing short out to of a blockbuster year for the Indian startup industry. The unabated pace at which Indian startups are embracing the unicorn club is indicative of the fact that the domestic startup industry has reached an inflection point. Adding more flair to India’s unicorn story is CoinSwitch Kuber.
The crypto startup has become the latest startup to surpass the billion dollar valuation. The Bengaluru based startup said on Tuesday that it has raised over $260 Mn in Series C round. Andreessen Horowitz and Coinbase Ventures led the round while existing investors Paradigm, Ribbit Capital, Sequoia Capital and Tiger Global also participated in the round.
This is Andreessen Horowitz’s first investment in India’s startup space.
Following this investment, CoinSwitch Kuber has now become India’s most valued crypto startup. Over all, it is the 30th unicorn of 2021. The CoinSwitch Kuber’s coronation as the 30th unicorn came barely 24 hours after meat and seafood startup Licious became unicorn.
The startup will use the funds to ramp up its hiring process, talent acquisition and to launch more asset classes to generate more awareness about crypto.
CoinSwitch Kuber was launched in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar as a global aggregator of crypto exchanges. However, the company launched its India focused operation only in 2020.
The company claims to have more than 10 Mn users in India with a monthly active user base of over seven million.
Over the last few years cryptocurrency industry has witnessed lots of ups and down, facing incremental problems like regulatory crackdown to barrage of negative press. Amid these problems, CoinSwitch Kuber becoming unicorn certainly takes away the negative vibe surrounding the crypto industry.