Startup profile · funding coverage
CoinSwitch funding, valuation and investors
India's largest retail crypto app — CoinSwitch Kuber for rupee on/off-ramps and 100+ tokens.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series C
$260M · October 2021
Latest known valuation
$1.9B
Series C · October 2021
Total disclosed equity funding
$260M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
growth · Bangalore, India
Investors in latest funding
Lead: Andreessen Horowitz
Other: Sequoia Capital India , Tiger Global , Ribbit Capital
Overview
CoinSwitch operates CoinSwitch Kuber, one of India's most-downloaded retail crypto apps. Users buy, sell, and swap 100+ cryptocurrencies with INR deposits and withdrawals through a mobile-first interface aimed at beginners rather than pro traders. The company raised a $260M Series C in 2021 at a $1.9B valuation — a16z's first India investment — before India's crypto tax and regulatory headwinds slowed the market. In 2025 CoinSwitch launched CoinSwitch Care, a ₹600-crore program targeting WazirX users affected by that exchange's 2024 hack.
Why CoinSwitch is interesting
a16z's first India bet scaled to 20M+ users — then CoinSwitch turned a rival's $230M hack into a ₹600-crore user-recovery play while Tiger, Ribbit, and Sequoia India stayed on the cap table.
Product & use cases
CoinSwitch Kuber is a mobile crypto aggregator and exchange for Indian retail — simplified buy/sell flows, INR ramps, and portfolio tracking without advanced order types.
- First-time Indian retail investors buying crypto with rupees
- Portfolio swaps across 100+ listed tokens
- Migrating users from embattled exchanges via CoinSwitch Care
Key facts
- Series C (Oct 2021): $260M co-led by a16z at $1.9B; Tiger, Ribbit, Sequoia India (TechCrunch)
- 20M+ registered users per 2025 Business Standard
- CoinSwitch Care: ₹600-crore WazirX recovery program (Jan 2025)
- Co-investors not in VCT: Coinbase Ventures, Paradigm, Peak XV
Funding history (newest first)
Series C
2021-10 $260M Valuation: $1.9B- Andreessen Horowitz (lead)
- Sequoia Capital (participant)
- Tiger Global Management (participant)
- Ribbit Capital (participant)
Source: https://techcrunch.com/2021/10/06/coinswitch-kuber-raises-260m/
Investors in our directory
Funds linked from CoinSwitch's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: Mobile-first simplicity and 20M+ user base vs. pro-trader exchanges — plus capital to subsidize user migration after WazirX's 2024 breach.
Indian retail crypto is consolidating after WazirX's 2024 breach and ongoing tax friction. CoinSwitch competes on simplicity rather than pro trading — CoinDCX offers more depth. Regulatory uncertainty (30% crypto tax, TDS) remains the sector headwind.
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CoinDCX direct
Deeper trading tools and liquidity; CoinSwitch wins on beginner UX.
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WazirX direct
Former leader rebuilding after 2024 hack; CoinSwitch recruiting its users.
-
ZebPay direct
Legacy Indian exchange with smaller retail footprint.
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Binance adjacent
Global leader but restricted in India; CoinSwitch focuses INR rails.
Notable stories
- CoinSwitch was a16z's first India investment (TechCrunch, 2021).
- After WazirX lost ~$230M in July 2024, CoinSwitch launched ₹600-crore recovery targeting ~4M WazirX accounts (Business Standard).
Industries
Related funding articles
Venture Capital Tracker pieces that cover CoinSwitch's financing or category context.
FAQs about CoinSwitch
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