CoinSwitch Kuber in Fundraising Talks to Make It India’s Second Crypto Unicorn: Report

CoinSwitch Kuber is reportedly in talks over a new fundraising round that would value the Indian crypto exchange at $2 billion, making it the country’s second cryptocurrency unicorn worth more than $1 billion.

While it is unclear who is leading the funding round, CoinSwitch Kuber has been in talks with Andreessen Horowitz and Coinbase in recent weeks, TechCrunch reported Tuesday.
The deal, thought to be worth over $100 million, may be finalized by the end of this month.
CoinSwitch Kuber raised $25 million in a round led by Tiger Global in April that valued the company at $500 million. Sequoia Capital India and Ribbit Capital are also counted among CoinSwitch’s investors.
The news of its latest fundraising emerges less than a month after fellow Indian exchange CoinDCX attained unicorn status via a $90 million round which valued the firm at $1 billion.
Despite lingering regulatory uncertainty, investment in crypto in India has exploded over the last year. Data published by blockchain analytics firm Chainalysis in June showed investment had increased 612% year-on-year from $923 million to $6.6 billion.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.