Bangalore-based Coinswitch Kuber, an app-based cryptocurrency exchange platform exclusive to the Indian market for retail investors, raised $260 million at a valuation of $1.9 billion, underscoring the rise in popularity of crypto trading in the country.
The funding round included new venture capital firms Coinbase Ventures and Andreessen Horowitz, and existing investors Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global.
India’s digital currency market has grown from $923 million in April 2020 to $6.6 billion in May 2021, according to Chainalysis, a blockchain data platform. CoinSwitch has over 10 million users in the country with a monthly active user base of over seven million.
