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A16z, Coinbase Back CoinSwitch Kuber in $260M Funding Round
The Indian exchange is valued at $1.9 billion, making it India’s second crypto “unicorn.”
India has its second cryptocurrency unicorn (a startup with a market value of at least $1 billion) after Andreessen Horowitz (a16z) and Coinbase Ventures backed CoinSwitch Kuber in a $260 million funding round that valued the exchange at $1.9 billion.
- Also participating in the round were existing investors Paradigm, Ribbit Capital, Sequoia Capital and Tiger Global, CoinSwitch Kuber announced Wednesday.
- The exchange has set a goal of onboarding 50 million Indians with the launch of new crypto products and services such as lending and staking.
- CoinSwitch Kuber has demonstrated that it can “deliver an investment platform for the masses in India,” according to David George, a general partner at a16z.
- The exchange’s unicorn status follows the $1 billion valuation attained by rival crypto exchange CoinDCX in August in a $90 million funding round that also included contribution from Coinbase.
- CoinSwitch Kuber was valued at $500 million in a $25 million Series B funding round in April, which came three months after a $15 million Series A round.
Read more: Crypto Industry Could Add $184B of Economic Value to India by 2030: NASSCOM
STORY CONTINUES BELOW
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
