Indian startups are slowly strengthening themselves in the global cryptocurrency market. Today, CoinSwitch Kuber announced on Twitter that the firm has closed the Series B funding round led by Tiger Global Management. The startup has raised $25 million that surged its market cap to around half a billion.
Financial Growth of CoinSwitch Kuber
CoinSwitch Kuber is an Indian startup that helps cryptocurrency enthusiasts to invest in the popular cryptocurrencies of their choice. The recent financial round led by Tiger Global has surged the startup market cap to $500 million. In the concluded financial round, Tiger Global was the only investor that contributed $25 million in the CoinSwitch Kuber.
With the current funds, the startup plans to expand its operations in India. As per CoinSwitch claim, the recent funding round has helped the firm to become the largest cryptocurrency exchange platform in India.
The firm wants to penetrate more in the second largest internet market in the world. Though cryptocurrency future is unpredictable in India due to the Indian government’s strong denial to allow the irregular cryptocurrency.
CoinSwitch has closed two back to back financial rounds within three months. Earlier, it raised $15 million from Ribbit Capital, Sequoia Capital, and Kunal Shah. In total, Bengaluru based cryptocurrency exchange platform has raised a total of $41.5 million.
CoinSwitch Kuber has established itself as a pioneer among cryptocurrency exchange platform in India. Founded in 2018, it has grown exponentially due to the popularity of cryptocurrency in India.
You can buy slivers of several popular cryptocurrencies. For example, you can invest as low as Rs 100 in a virtual currency available on its platform. Users prefer to buy sachets of bitcoin due to the high value.
Future of Cryptocurrency in India
The startup has a huge user base of 4.5 million. Half of them are aged 25 or less. In the last year, CoinSwitch Kuber has completed more than $5 billion in transactions. It shows how popular the platform is. Cryptocurrency operations in India are quite uncertain. Currently, private cryptocurrency like bitcoin is legal for trading. But Indian Government is soon bringing a law to ban all private currencies in India.
Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, believes that India may not ban private currency trading. He also revealed that the current funding round was closed before the Indian Government announcement to ban Cryptocurrencies.
Talking about the status of CoinSwitch Kuber after the current financing round, he said:
“This investment round brings us at par with some of the most sought after cryptocurrency companies in the world and sets us up for the long run.”
Even if India bans private currency trading, these startups will not be having any problem due to the global user base. The startups will then operate in the overseas market through their respective platforms. That is why Investors are also not that much concerned about Indian laws against Cryptocurrencies.
Tiger Global, the investor of CoinSwitch, is quite satisfied with the progress of the Indian startup. Talking about its recent investment, Scott Shleifer, Partner at Tiger Global said:
“As they build India’s leading cryptocurrency platform, CoinSwitch is well-positioned to capture the tremendous growing interest in crypto among retail investors. We are excited to partner with CoinSwitch as they innovate in this emerging asset class.”