Tiger Global makes its first India cryptocurrency firm investment

Invests Rs 181 crore in CoinSwitch Kuber in a Series B round of funding, valuing the company at over $500 million


Tiger Global | cryptocurrency | PE investments

Peerzada Abrar  | 

bitcoin, cryptocurrency, digital

Illustration: Ajay Mohanty

CoinSwitch Kuber, an Indian cryptocurrency investment platform, has raised $25 million (Rs 181 crore) in a Series B round of funding from Tiger Global Management, at a valuation of over $500 million.

This marks the New York-based Tiger Global’s first investment in an Indian cryptocurrency company. This also makes CoinSwitch the highest-funded cryptocurrency player in India. It sets CoinSwitch on the growth trajectory of global cryptocurrency platforms like Coinbase and Binance in the Indian market.

“This is a monumental time for the crypto industry in India and globally, as institutional adoption, as well as retail adoption for this asset class, is increasing exponentially,” said Ashish Singhal, chief executive officer (CEO) and co-founder, CoinSwitch Kuber. “We are thrilled to have Tiger Global Management, the most prolific backers of the Indian start-up story, as investors and mentors in our journey. This investment round brings us at par with some of the most sought-after cryptocurrency companies in the world.”

The crypto company said it has seen exceptional growth and momentum in less than a year of operations in India. In January 2021, CoinSwitch Kuber raised $15 million in Series A funding from leading global fintech and crypto investor Ribbit Capital, San-Francisco based crypto-focused investment firm, Para­digm and Sequoia Capital India.

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First Published: Thu, April 22 2021. 22:16 IST