Tiger Global backed CoinSwitch Kuber at a valuation of over $500 million. CoinSwitch Kuber is an Indian crypto startup that enables the young investors of the country to trade cryptocurrencies. The startup recently raised $25 million in a fresh financing round. The current valuation can help the company’s quest to expand its reach in the second-largest internet of the world. The funding can be handy as the future of private cryptocurrencies is uncertain for now in India. For now, trading private cryptocurrencies such as bitcoin is legal in India. However, there is speculation that a law that bans all private cryptocurrencies will be introduced soon. The co-founder and chief executive of CoinSwitch Kuber, Ashish Singhal said that he is optimistic that any such ban will not be imposed buy backlinks.
The Series B round of funding that came just three months after the Series A round closed at $15 million Series A round, was led by Tiger Global. The Series B round of funding that came just three months after the Series A round closed at $15 million Series A round, was led by Tiger Global. The Bangalore-based company was founded just three years ago and has raised $41.5 million to date.
The customer base of CoinSwitch Kuber is low-hanging fruit as there are just companies operating in this genre. The crypto exchange enables investors to buy silvers of popular cryptocurrencies. For instance, a user on this platform can buy small sachets of bitcoin or any other digital currency for as low as 100 Indian rupees. As of now, the startup already has a user base of over 4.5 million processing a transaction of over $5 billion in just 11 months. Most of these users are aged 25 years or younger. Singhal has emphasized the fact that the current funding round has brought them at par with some of the most sought-after companies that deal in the crypto exchange. In an industry that is creating a lot of buzz in the recent past, CoinSwitch is well positioned and is ready to capture the tremendous growing interest in crypto among young investors. Even Scott Shleifer, Partner at Tiger Global said that they are excited to partner with CoinSwitch as they innovate in this emerging asset class.