CoinSwitch Kuber, an Indian cryptocurrency exchange, has joined the unicorn club and is now valued at $1.9 billion after raising $260 million in a Series C fundraising round.
The fresh funding has boosted CoinSwitch Kuber to the “very top” of Indian unicorns, according to an official release on Wednesday, with the firm becoming “India’s most valuable crypto company” at $1.91 billion.
Coinbase Ventures, Coinbase’s venture capital arm, and Andreessen Horowitz led the fundraising round. Sequoia, Paradigm, Ribbit, and Tiger Global were among the previous investors in the round.
CoinSwitch Kuber aims to use the new capital to bring 50 million Indians into the platform and launch new services such as lending and staking.
The exchange also plans to introduce an institutional-grade product and expand its investing alternatives. Other projects in the works include an innovation fund and a crypto education hub.
“Every evolution requires a leap of faith, and we are taking a massive one today with CoinSwitch Kuber becoming a unicorn and the country’s largest crypto company,” said Ashish Singhal, co-founder and CEO of CoinSwitch Kuber.
CoinSwitch Kuber, along with WazirX and CoinDCX, is one of India’s leading cryptocurrency exchanges. As of September 2021, CoinSwitch Kuber had accumulated 10 million users since its introduction in 2020.
Following a $15-million Series A round in January, the exchange raised $25 million in a Series B round in April from investors including Tiger Global.