In the Tiger Global Management Series B funding round, CoinSwitch Kuber, an Indian crypto-monetary investment platform, raised over $25 million (Rs 181 crore) at a cost of more than $500 million.
This is the first investment in an Indian cryptocurrency company made by New York-based Tiger Global. CoinSwitch is also the highest funded player in India in cryptocurrency. CoinSwitch sets on the growth path in the Indian market of global crypto-currency platforms such as Coinbase and Binance.
Ashish Singhal, CEO and co-Founder of COinSwitch Kuber, said that “It’s a monumental time for the crypto industry in India and worldwide, as institutional acceptance and rethink adoption in this asset group is growing exponentially.” “We are excited to have Tiger Global Management as investors and mentors on our way, the most prolific supporters of the Indian start-up story. This investment round equals some of the world’s most popular cryptocurrency companies.”
The crypto company said that in less than a year of operations in India it experienced exceptional growth and momentum. The worldwide leader of fintech and crypto-investor Ribbit Capital, a crypto-oriented investment company based in San-Francisco, Paradigm and Sequoía Capital India, raised 15 million dollars in Series A funding in January 2021.