Tiger Global Makes $25 Million Bet on Indian Crypto Exchange
Tiger Global Management invested $25 million in cryptocurrency exchange CoinSwitch Kuber, making its foray into the fast-growing digital currency market in India.
The Series B round values Bangalore-based CoinSwitch Kuber at more than $500 million, according to a statement by the company Thursday. Earlier investors include Ribbit Capital, Paradigm and Sequoia Capital India, which invested $15 million in January.
Founded in 2017, CoinSwitch Kuber has more than 4.5 million users in India and is targeting 10 million users by the end of the year. The platform will use the funds to scale up, hire talent and grow awareness of cryptocurrencies among Indian retail investors as it seeks to replicate the explosive growth of rival platforms such as Coinbase and Binance.
The investment comes as Indian authorities mull legislation to prohibit all private cryptocurrencies. Millions of retail investors in the South Asian nation have flocked to digital assets in recent years after an earlier ban by the central bank that had effectively outlawed virtual currencies was struck down just as digital assets gained increasing legitimacy globally.
©2021 Bloomberg L.P.