CoinSwitch Kuber in Fundraising Talks to Make It India’s Second Crypto Unicorn: Report

CoinSwitch Kuber is reportedly in talks over a new fundraising round that would value the Indian crypto exchange at $2 billion, making it the country’s second cryptocurrency unicorn worth more than $1 billion.

• While it is unclear who is leading the funding round, CoinSwitch Kuber has been in talks with Andreessen Horowitz and Coinbase in recent weeks, TechCrunch reported Tuesday.
• The deal, thought to be worth over $100 million, may be finalized by the end of this month.
• CoinSwitch Kuber raised $25 million in a round led by Tiger Global in April that valued the company at $500 million. Sequoia Capital India and Ribbit Capital are also counted among CoinSwitch’s investors.
• The news of its latest fundraising emerges less than a month after fellow Indian exchange CoinDCX attained unicorn status via a $90 million round which valued the firm at $1 billion.
• Despite lingering regulatory uncertainty, investment in crypto in India has exploded over the last year. Data published by blockchain analytics firm Chainalysis in June showed investment had increased 612% year-on-year from $923 million to $6.6 billion.

Read more: India’s Crypto Startups Come of Age, Despite Uncertainty