CoinSwitch Kuber becomes unicorn after raising $260 million
A cryptocurrency platform CoinSwitch Kuber is the latest Indian startup to become a unicorn. The company has raised $260 million in the recent funding round. This funding also puts CoinSwitch Kuber’s valuation $1.9 billion that was around $500 million less than six months ago.
CoinSwitch Kuber is the 30th Indian Unicorn startup in 2021 and is now valued higher than CoinDCX. CoinDCX had a valuation of $1.1 billion in August.
This funding round was led by Silicon Valley-based venture fund Andreessen Horowitz and Coinbase Ventures. As per reports. Andreessen Horowitz invested $80 million and Coinbase Ventures has invested $150 millin. Existing investors including Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global also participated in this funding round.
This is the first investment from Andreessen Horowitz in an Indian startup. Andreessen Horowitz has supported some of the biggest companies including Facebook, Box, Lyft, Robinhood, Slack, and more. The company has over $19.2 billion in assets under management across multiple funds.
CoinSwitch Kuber was founded back in 2017 and boasts 11 million registered users. With new funds, the company aims to increase its user base to 50 million.