India: CoinSwitch Kuber raises $15m Series A led by Ribbit, Paradigm

India Gate. Photo: Abhidev Vaishnav/unsplash

Cryptocurrency investment platform CoinSwitch Kuber has raised $15 million ( 109 crore) as part of its Series A funding round, led by global fintech and crypto investor Ribbit Capital and San Francisco-based Paradigm. Existing investors Sequoia Capital India and angel investor and CRED founder Kunal Shah also participated in the round.

CoinSwitch said it will use the funds to enhance product, security and technology capabilities, with a view to becoming the de-facto cryptocurrency investment platform for Indian users.

This marks Ribbit Capital’s first investment in an Indian cryptocurrency firm. It had earlier funded lending companies ZestMoney, Capital Float and BharatPe in the country.

CoinSwitch also marks Paradigm’s maiden investment in India. Paradigm was started by the founder of Coinbase, one of the largest cryptocurrency exchanges globally.

The news comes at a time when prices of cryptocurrencies globally have seen a historic rise, with digital currency bitcoin reporting a record high of almost $42,000 on 8 January. This week, bitcoin also saw prices slide by almost 21% over a two-day tumble on Sunday and Monday to as low as $32,389.

“We are thrilled to have the most focused fintech and crypto investors Ribbit and Paradigm join us as partners in our journey to make cryptocurrency investments accessible to retail investors in India. We aim to double down on the Indian market, and are targeting a 10 times growth in our user base by the end of the year,” said Ashish Singhal, chief executive officer and co-founder, CoinSwitch Kuber.

“We are very excited to invest in CoinSwitch, which we believe can become a generational technology brand in India. We backed the team not only because of their track-record of product and technology innovation, but also because of their resolute commitment to serving their customers,” said Nick Shalek, general partner at Ribbit Capital.

According to CoinSwitch, the Indian market is also witnessing an unprecedented growth in cryptocurrency trading and investments. This has resulted in India becoming the second biggest bitcoin nation, by investments, in Asia after China, and the sixth largest in the world.

“While the crypto landscape in India remains nascent, it has been an exciting past 12 months and over time we believe India could be one of the largest global crypto markets,” said Matt Huang, co-founder and managing partner and Arjun Balaji, investment partner at Paradigm.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.