CoinSwitch Kuber, a cryptocurrency investment platform, has raised $25 million in a Series B round from Tiger Global Management, valuing the company at more than $500 million.

According to the startup, this is Tiger Global's first investment in the Indian cryptocurrency business. CoinSwitch Kuber also claims to be India's most well-funded cryptocurrency player.

“This is a monumental time for the crypto industry in India and globally, as institutional adoption, as well as retail adoption for this asset class, is increasing exponentially…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,” says, Ashish Singhal, Co-founder, and CEO, CoinSwitch Kuber.

The Bengaluru-based startup, which was founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, will use the funds to improve technology, as well as expand its product and security capabilities. It will also be used for brand building and talent recruitment.

While the company’s core will remain crypto, CoinSwitch is simultaneously taking steps to diversify into other asset classes, Singhal said when asked about the possibility of a blanket ban in India.

“We believe that a lot of our users are very young. They will diversify their portfolios in the next two to three years into stocks, mutual funds, and different asset classes altogether. So CoinSwitch always wanted to get into those asset classes, and provide complete portfolio management for our users,” Singhal said.

CoinSwitch Kuber had previously raised $15 million in Series A funding from Ribbit Capital, Paradigm, and Sequoia Capital India in January.

Since January, the startup claims that its user base has grown by 350 percent. In India, the platform now has over 4.5 million users and processed $5 billion in transactions in March 2021, just ten months after its launch. This year, the company hopes to add 10 million new users.

The company reported about $8 million in profit in FY21 and this year hopes to reach $100 million in revenue.

Scott Shleifer, a Partner at Tiger Global, said, “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.”

CoinSwitch Kuber launched its crypto platform in June 2020, and in just 200 days, it had onboarded one million users and earned over Rs 2,000 crore in investments.

It also intends to expand into new asset groups in order to provide its users with more investment options.