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An Indian crypto startup valued at over $500M valuation by Tiger Global

Tiger Global has financed the entire funding round of Coinswitch Kuber(Series B) and valued the Indian startup at over $500 million. This announcement comes just after the startup closed its $15 million Serious A round. The companies that took part in series A round are: Ribbit Capital, Sequia Capital India and Kunal Shah.

As of now, the startup has raised $41.5 million.

Coinswitch Kuber is an Indian startup through which users can invest in cryptocurrencies. The startup, on Thursday, stated that it has raised $25 million in a new financing round. Moreover, they are looking to expand their business in the second largest internet market in the world, despite crypto’s uncertain future.

Coinswitch stated that it has about 4.5 million users, more than half of whom are below 25 years of age. The startup is hoping to add 5.5 million users by the end of this year. They also stated to have processed transactions over $5 billion for the past 11 months.

Although services like Coinswitch Kuber would certainly help boosting adoption of cryptocurrencies in the subcontinent, future of such services is not entirely in their hands.

While trading of private cryptocurrencies is not banned exactly, but a new law is expected that could enact a ban and harsh penalties for dealing with these digital currencies.

However, co-founder and chief executive of Coinswitch Kuber, Ashish Singhal is optimistic that the government may not entirely put up a ban on cryptocurrencies. Furthermore, he said:

“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.”

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