India’s largest crypto exchange reached unicorn status in a funding round led by Andreessen Horowitz and Coinbase Ventures, with investors betting on rising demand even as the industry faces regulatory uncertainties.
According to coin telegraph A unicorn is a company that has been valued at more than one billion dollars by venture capitalists. A few examples of unicorns in the mainstream include the likes of Airbnb, Uber and Elon Musk’s Space X that have all managed to garner a valuation in the tens of billions.
CoinSwitch Kuber generated $260 million at a valuation of $1.9 billion. This marks Andreessen Horowitz’s first investment in an Indian startup and existing backers including Sequoia Capital, Tiger Global Management .
Coin switch has gradually become India’s largest and most valuable cryptocurrency platform with more than 10 million customers acquired in just 14 months of operations. Market investors are confident of progressive growth despite the impasse of cryptocurrency trading in india.
The bangalore firm aims to grow its user base to 50 million through capital outlay, introduce new crypto products such as lending for retail investors and ramp up its technology workforce. It also wants to tap institutional clients and set up an ecosystem fund. They also plan to institute new crypto currency products such as retail investors and improve technological based labor.
India has experienced turbulent legal policies regarding cryptocurrencies. Reports suggests that the Indian government have consistently denied crypto hearing in parliament.
As CoinDCX became the country’s first crypto unicorn they stated that “We are incredibly excited about the crypto market opportunity in India,” David George, general partner at Andreessen Horowitz
