Going operational just last year, CoinSwitch Kuber has won the trust of Tiger Global to merit a $25 million Series B funding. India holds a small share of the cryptocurrency market, with a reported crypto investor base of around 80 lakh (8 million). The investment market in India is currently dominated by a few large players, such as Unocoin, Zebpay and WajirX.
CoinSwitch is based in Singapore and was founded in 2020. The company has among its aims bringing equality to the investor classes. The exchange allows for starting a crypto investment for as little as Rs 100.
As the acquisition news hit the mainstream media, the big question looming large was about the upcoming India crypto bill, about which conflicting views have been heard. CoinSwitch Kuber founders have reportedly shared their optimism about regulation trumping an outright ban, which will severely impact all exchanges.
Tiger Global Management has earned fame for investing in several Indian startups. The venture fund too has remarked on the great enthusiasm for crypto in India and is thus willing to support emerging leaders.
In nearly a year’s duration, CoinSwitch Kuber has reported over 4 million users on its app and online exchange. In the last three months alone, its user base has grown over three times. India is not the only revenue-generating territory for the company, and around 40% is derived from global users too. The company is led by co-founder and CEO, Ashish Singhal, and Govind Soni, and Vimal Sagar Tiwari, and has an office in Bangalore with a team of over 100 employees.
As far as crypto venture funds go, Tiger is not the big beast. Crypto VCs have been emerging since 2013 with greater speed. Among the famous VC start-ups was Ripple (XRP) in 2012. According to Nomics.com rankings, the top three VCs for blockchain and crypto are the Digital Currency Group, Pantera Capital, and Multicoin Capital. Other top VCs include Placeholder VC, Outlier Ventures, and Binance Labs.