Home Coinbase Indian crypto exchange CoinSwitch Kuber in talks to raise funds at unicorn valuation

Indian crypto exchange CoinSwitch Kuber in talks to raise funds at unicorn valuation

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Indian crypto trade CoinSwitch Kuber is in superior levels of talks to lift a brand new financing spherical at as much as $2 billion in valuation, a number of sources acquainted with the matter informed TechCrunch.

If the talks materialize in a deal, CoinSwitch Kuber will turn out to be the second crypto startup on the earth’s second largest web market to realize the unicorn standing.

The four-year-old startup, which counts Tiger World, Sequoia Capital India, and Ribbit Capital amongst its current traders, was valued at over $500 million valuation in its Series B financing spherical in April this yr.

It is unclear who’s positioning to steer the spherical. The agency has engaged carefully with Andreessen Horowitz and Coinbase in latest weeks, a number of individuals conscious of these discussions informed TechCrunch.

A deal could finalize inside this month, sources stated. The scale of the deal, based on one supply, is over $100 million. Traditional caveats apply: phrases of the proposed deal could change or the talks could not lead to a deal.

The startup declined to remark. Coinbase and A16z, which has but to again any Indian startup, didn’t reply to a request for remark Monday. Tiger World and Sequoia Capital India didn’t reply to a request for remark final week.

The funding talks come at a time when CoinSwitch Kuber has virtually doubled its userbase in latest months — whilst native authorities push again in opposition to crypto belongings. Its eponymous app had over 7 million month-to-month energetic customers in India final month, up from about 4 million in April this yr, based on cellular perception platform App Annie (information of which an business exec shared with TechCrunch).

B Capital backed CoinDCX, a rival of CoinSwitch Kuber that has amassed 3.5 million customers, final month in a $90 million spherical that valued CoinDCX at about $1.1 billion.

Policymakers in India have been debating on the standing of digital currencies within the South Asian marketplace for several years. India’s central financial institution, Reserve Financial institution of India, has expressed considerations about non-public digital currencies although it’s planning to run trial programs of its first digital currency as quickly as December.

Greater than two dozen Indian startups have turn out to be a unicorn this yr, up from 11 final yr, as a number of high-profile traders, together with Tiger World, SoftBank and Falcon Edge, have elevated the tempo of their investments within the South Asian market. TechCrunch reported final week that Tiger World is engaging with Apna to fund a brand new spherical that values the 21-month-old Indian agency at over $1 billion.

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