Bitcipher Labs, which operates CoinSwitch Kuber, a cryptocurrency investment platform, has raised $15 million in a Series A funding round led by Palo Alto-based Ribbit Capital and San Francisco-based Paradigm.
Existing investor Sequoia Capital India and angel investor Kunal Shah, founder of Cred, also participated in the round.
The fresh capital will help the startup build its brand as well as improve its product, security, compliance and technological capabilities, a statement said.
Commenting on the development, Ashish Singhal, Co-Founder and CEO, CoinSwitch Kuber, said: “We aim to double down on the Indian market, and are targeting a ten-fold 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.”
Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari, CoinSwitch Kuber claims to have onboarded over one million users within six months of the platform’s launch and aims to have 10 million users in the next one year.
Nick Shalek, general partner, Ribbit Capital, said the company expects CoinSwitch to 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,” he said.
“According to reports, Indian cryptocurrency trading volumes have grown 500% since March 2020, signalling the country’s massive appetite for cryptocurrencies, thereby attracting attention from global investors like Paradigm and Ribbit Capital,” CoinSwitch Kuber said in the statement.
To that extent, India is the second biggest Bitcoin market in Asia after China, and the sixth largest globally after the US, Nigeria, China, Canada and the United Kingdom, the startup said.
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