Coinswitch kuber is an App based cryptocurrency exchange platform exclusive to the Indian market for retail investors available as a mobile application, it supports trade in 100+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Dash and other using Indian rupees. The kuber app is available on Android and iOS.
CoinSwitch Kuber has its head office situated in Bengaluru. It is funded by Sequoia Capital, Paradigm, Tiger Global Management, Kunal Shah (founder of CRED and Freecharge) and Ribbit Capital. For the Financial Year 2020-21, CoinSwitch Kuber reported $8 million in profits. CoinSwitch, the company behind the platform, has processed over $5 billion in cryptocurrency transactions.
Post the Supreme Court of India abolishing of RBI’s circular banning banks from facilitating cryptocurrency transactions, the CoinSwitch Kuber app was launched on June 1, 2020, by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni. The founders had previously founded CoinSwitch in 2017 which supported crypto-to-crypto trades and catered to users in 160+ countries. Prior to 2017, they worked in product development and tech teams at Amazon, Microsoft and Zynga. They founded CoinSwitch in 2017. In 2020, they launched CoinSwitch Kuber, exclusive to India, with a primary motive of simplifying crypto trading.
CoinSwitch Kuber signed up around 1 million users within the first year of launch, inviting investments over Rs. 2,000 crore (US$270 million). CoinSwitch’s trading volumes in the Indian market had increased 500 percent in a year by March 2020, according to estimates. As of April 2021, the company caters to 4.5 million users.In January 2021, CoinSwitch Kuber raised US$15 million (Rs. 109 crores) in a Series A round led by Ribbit Capital, a global fintech and crypto investor, and Paradigm, a San Francisco-based crypto oriented investment company. In April 2021, CoinSwitch Kuber raised $25 million in its Series B round led by Tiger Global, at a valuation of $500 million, making it the highest funded cryptocurrency exchange in India.
