The Indian cryptocurrency exchange platform CoinSwitch Kuber has announced their latest good fortune. Namely, securing $25 million worth of backing from U.S. hedge fund Tiger Global.
In a tweet posted on Thursday, the exchange revealed that this backing now makes them the largest crypto exchange in India. The funding came as part of their Series B round. Reports indicate that CoinSwitch is currently valued at or around $500 million. A valuation that company co-founder Vimal Sagar Tiwari backed up in a tweet of his own.
It is the latest in a series of positive milestones that the exchange has achieved. In a separate tweet, CoinSwitch listed some of its noteworthy achievements since January, including their expansion from a team of 20 to a 120-strong workforce. Overall, they state they have grown 350%, since the start of the year.
Its Series A seed investment round was also a success. They raised $15 million, courtesy of firms such as global fintech Ribbit Capital, and crypto investor Paradigm.
Founded in Bangalore in 2017, CoinSwitch began life as a cryptocurrency aggregator. It was not until 2020 that it evolved into an exchange platform.
A day prior to the announcement about the new funding, CoinSwitch suffered a technical hitch. Owing to “unavoidable issues at [their] banking partner’s side,” the exchange was forced to disable INR deposits. This issue is still ongoing as of April 23.
Tiger Global’s investment
Meanwhile, this marks a first for hedge fund Tiger Global, as this multimillion investment is the first they have made in an Indian cryptocurrency company. Indeed, the same was reported of Ribbit Central and Paradigm during the Series A seed round.
The 20-year-old New York-based investment and equity firm count global internet, software, consumer, and financial technology companies among their portfolio.
CoinSwitch is not the only Indian company on their radar, either. Recent reports say that Tiger Global has finalized deals with over 25 firms in the country.
CoinSwitch’s good fortune and Tiger Global’s investment has coincided with a turbulent time in India regarding crypto. Especially in light of reports that the country is set to impose a ban on digital currencies. The latest in a growing list.