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As part of its maiden ESOP buyback plan, cryptocurrency exchange CoinSwitch bought back employee stock ownership plans (ESOPs) worth $2.5 million (around ₹19 crore).
Commenting on the development, Ashish Singhal, Co-founder and CEO, CoinSwitch said, “The Equity buyback program is a small effort to acknowledge our employees’ contribution to the phenomenal growth of CoinSwitch.
“Over 15 million users trust CoinSwitch in their investment journey, making us the largest Crypto app. We meet and exceed our targets in India because of the amazing team and shall continue to launch similar liquidity events as part of our commitment to creating wealth for all.”
The start-up had last raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021.
It became India’s most valued Crypto unicorn at a valuation of $1.9 billion. Other investors include Tiger Global, Sequoia Capital, Ribbit Capital and Paradigm.
CoinSwitch is a16z’s first investment in an Indian start-up and Tiger Global’s first investment in an Indian crypto company.
According to the company, it has grown from 20 to 500 employees in less than two years. It also continues to expand its wealth-tech offerings and building one of India’s first Web3 teams.
Between January 2021 and January 2022, the registered user base grew from a little more than 10 lakh to 1.5 crore , making CoinSwitch the largest Crypto app in India.
The company is planning to to provide other asset classes and financial products to become a wealth-tech destination.
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