- CoinSwitch Kuber hints at another possible fundraising round.
- If confirmed, the round will raise $2 billion.
- This will give the exchange ‘unicorn status’.
If this fundraising venture is to go through, then CoinSwitch Kuber will gain an impressive title. In particular, this will make it the second crypto startup, when comparing those present in the world’s second-largest internet market, to gain the ‘unicorn status’.
This title is given to those startups that achieve a valuation of over a billion dollars. Given time, the exchange could certainly have reached this valuation on its own. However, most startups tend to raise funds in their initial stages.
Founded on June 1, 2020, CoinSwitch Kuber has already undergone a couple of rounds in funding. Moreover, funds are got only when a project shows a strong foundation and potential for growth. With this, venture capitals will be more than happy to fund any project.
On this matter, it seems that CoinSwitch Kuber has delivered, twice. Earlier this year, the exchange raised over $15 million in funds from Ribbit Capital. Then, in April, the exchange got backing from Tiger Global. This brought its value to over $500 million.
Therefore, to highlight, every funding round so far has helped the exchange hit all its milestones set so far. The platform’s app now has over 7 million monthly users. This marks rapid growth as in April, the monthly user count was at 4 million.
This is truly remarkable as the crypto regulation within India’s borders is still very unclear. The country still hasn’t established anything concrete. Every time it tried to ban crypto in India, its citizens wouldn’t have it. This can be seen clearly in the rapid growth of both the interest and use of cryptocurrencies and their exchanges in the country.