Tiger Global backs Indian crypto startup at over $500M valuation
CoinSwitch Kuber, a startup that allows young users in India to invest in cryptocurrencies, said on Thursday it has raised $25 million in a new financing round as it looks to expand its reach in India, the world’s second-largest internet market and also the place where the future of private cryptocurrencies remains uncertain for now.
Tiger Global financed the entire Series B funding round of CoinSwitch Kuber and valued the three-year-old Indian startup at more than $500 million. The announcement of the Series B comes just three months after CoinSwitch closed its $15 million Series A round from Ribbit Capital, Sequoia Capital India and Kunal Shah. The Bangalore-based startup has raised $41.5 million to date.
TechCrunch reported earlier this month that the New York-headquartered technology hedge fund had led or was in advanced stages of talks to lead investments in many Indian startups, including CoinSwitch.
CoinSwitch Kuber is one of the handful of startups operating in the cryptocurrency space today. The crypto exchange allows users to buy slivers of several popular cryptocurrencies. A user on CoinSwitch, for instance, can buy small sachets of bitcoin and other currencies for as low as 100 Indian rupees ($1.30).
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