CoinSwitch Kuber raises $15 million from Ribbit Capital, Paradigm, Kunal Shah and others
The three-year-old company will use the funds to enhance product, security, compliance and tech capabilities, and build a brand with a view to be the leading cryptocurrency investment platform for Indian users.
CoinSwitch Kuber, a cryptocurrency investment platform, has raised $15 million (around Rs 109 crore) in Series A funding round led by global fintech and crypto investor Ribbit Capital and San-Francisco based crypto focussed investment firm Paradigm. The round also saw participation from existing investors Sequoia Capital India and angel investor and CRED founder Kunal Shah.
The company will use the funds to enhance product, security, compliance and tech capabilities, and build a brand with a view to be the leading cryptocurrency investment platform for Indian users.
"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 of CoinSwitch Kuber, said.
CoinSwitch was founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari and as a global aggregator of cryptocurrency exchanges. The company launched its India exclusive crypto platform CoinSwitch Kuber in June 2020.
According to the startup, it crossed over half a million registered users in November 2020 and it has over a million users as of now. The company is expecting ten million users to be active on its platform by the end of the next year.
The news comes at a time when prices of cryptocurrencies have seen a rise, with digital currency bitcoin reporting a record high of almost $42,000 on 8 January.
With inputs from PTI.