CoinSwitch Kuber, an Indian cryptocurrency funding platform, has raised $25 million (Rs 181 crore) in a Collection B spherical of funding from Tiger Global Administration, at a valuation of over $500 million.
This marks the New York-based Tiger World’s first funding in an Indian cryptocurrency firm. This additionally makes CoinSwitch the highest-funded cryptocurrency participant in India. It units CoinSwitch on the expansion trajectory of world cryptocurrency platforms like Coinbase and Binance within the Indian market.
“It is a monumental time for the crypto business in India and globally, as institutional adoption, in addition to retail adoption for this asset class, is rising exponentially,” mentioned Ashish Singhal, chief government officer (CEO) and co-founder, CoinSwitch Kuber. “We’re thrilled to have Tiger Global Administration, essentially the most prolific backers of the Indian start-up story, as buyers and mentors in our journey. This funding spherical brings us at par with a few of the most sought-after cryptocurrency companies on the earth.”
The crypto firm mentioned it has seen distinctive development and momentum in lower than a yr of operations in India. In January 2021, CoinSwitch Kuber raised $15 million in Collection A funding from main international fintech and crypto investor Ribbit Capital, San-Francisco primarily based crypto-focused funding agency, Paradigm and Sequoia Capital India.