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.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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