CoinSwitch Kuber, a cryptocurrency investment platform, raised $15 mn in Series A funding round led by Ribbit Capital and San-Francisco based crypto focussed investment firm Paradigm. Existing investors Sequoia Capital India and CRED founder Kunal Shah also participted.
CoinSwitch was aimed to simplify crypto investments for Indian retail investors. The startup claims that within 6 months of the launch, it had over 1mn users with an investment of Rs 2,000 Cr, and it aims to reach a number of 10 mn in the next one year. The fresh funds raised would be put use to enhance its product, security, compliance and tech capabilities, and brand building.