Tiger Global makes its first crypto investment in India making Coinswitch Kuber worth half a billion dollars

• With the investment, which has come amidst a boom in the crypto market, the valuation of the startup has jumped over $500 million.
• The funding for Coinswitch Kuber comes just four months after it had raised $15 million.
• Coinswitch Kuber also claims that its user base has multiplied over four times in the same period.

Indian cryptocurrency exchange Coinswitch Kuber has raised $25 million from Tiger Global. With the investment, which has come amidst a boom in the crypto market, the valuation of the startup has jumped over $500 million.

"As they build India’s leading cryptocurrency platform, CoinSwitch is well positioned to capture the tremendous growing interest in crypto among retail investors. We are excited to partner with CoinSwitch as they innovate in this emerging asset class,” said Scott Shleifer, Partner, Tiger Global.

The funding for Coinswitch Kuber comes just four months after it had raised $15 million from global fintech and crypto investor Ribbit Capital, San-Francisco based crypto focused investment firm, Paradigm and Sequoia Capital India. Paradigm was founded by Matt Huang and Fred Ehrsam, co-founder of Coinbase, the US-based cryptocurrency firm which has made news for its recent blockbuster stock market debut.

Coinswitch Kuber also claims that its user base has multiplied over four times in the same period.

Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari, Coinswitch Kuber plans to onboard 10 million users this year. “This investment round brings us at par with some of the most sought after cryptocurrency companies in the world and sets us up for the long run,” said Ashish Singhal, CEO and Co-founder, CoinSwitch Kuber, in a statement.