CoinSwitch Kuber Bags $15 Million from Ribbit Capital & Paradigm

CoinSwitch Kuber, a cryptocurrency trading platform has raised $15 million in Series A funding round led by Ribbit Capital and Paradigm, a crypto focused investment firm based in San Francisco. Existing investors Sequoia Capital and Kunal Shah, Founder of CRED also participated in the round. The freshly raised capital will be utilized by CoinSwitch towards enhancing its product, security, compliance & tech capabilities and brand building.

Founded in 2017, CoinSwitch is a cryptocurrency exchange aggregator platform. Founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari the startup has launched an easy to use platform where users can can buy various cryptocurrencies through a varied variety of payment option. CoinSwitch had launched its platform in June 2020 and had gained over one million users within six months.

Speaking about the investment Ashish Singhal, Co-founder & CEO, CoinSwitch Kuber, said, “We aim to double down on the Indian market, and are targeting ten times growth in our user base by the end of the year. To this end, we will invest in product and technology and also run a slew of awareness initiatives to educate investors about the potential of crypto as an emerging asset class.”

This funding marks fintech focused VC fund Ribbit Capital’s first investment in an Indian crypto startup. It was also Paradigm’s maiden investment in India. The development points towards the growing acceptance cryptocurrencies have received across India. According to reports India has become the second biggest bitcoin nation in Asia, by investments, after China, and the sixth largest in the world.

"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, Ribbit Capital.