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Cryptocurrency investment platform CoinSwitch Kuber has closed $15 million (₹109 crore) in its Series A funding.
“The round is led by leading global fintech and crypto investor Ribbit Capital, and San-Francisco based crypto-focused investment firm, Paradigm,” it said in a statement, adding that the round also saw participation from the company’s existing investor Sequoia Capital India and angel investor CRED’s Kunal Shah.
“The company will use the funds to enhance product, security, compliance and tech capabilities, and build a formidable brand to be the leading cryptocurrency investment platform for Indian users,” it further said.
CoinSwitch Kuber launched India operations in June 2020 and targeted ambitious expansion plans, said Ashish Singhal, CEO and Co-founder of the company.
“We have grown tremendously in the last seven months, but the goals are even bigger. In 2021, we have to reach about one crore users in India,” Singhal told BusinessLine .
At present, it has 20 lakh users in the country and handles about $ 20 million to $ 30 million in GMV per day in the country.
Singhal said the funds raised would be utilised for growth opportunities. “It can help us build a platform, provide more opportunities and product lines to our users to get them interested in crypto space,” he said, adding that the company is also working to educate users about cryptocurrencies.
CoinSwitch was founded in 2017 as a global aggregator of cryptocurrency exchanges. It launched its India exclusive crypto platform, CoinSwitch Kuber in June last year.
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