Andreessen Horowitz, one of the top venture capital firms of Silicon Valley, is planning to invest in the Indian crypto exchange CoinSwitch Kuber, according to the source.
Further, it has been reported that if CoinSwitch Kuber’s proposal gets accepted then it might become the first Indian startup to work with A16z.
One of the individuals, who has the information regarding the further development, has recently said, “The deal is likely to be completed soon and could be made official later this month.”
CoinSwitch Kuber has organized a funding round, recently, in which A16z might invest the money. If this happens then the crypto exchange would join the unicorn businesses with a significant jump in valuation to under $2 billion.
In April, Tiger Global led CoinSwitch Kuber’s funding round by investing $25 million in the Indian crypto exchange. After that funding round, the total value of the company reached $500 million.
Notably, this would be the third time, the Indian crypto exchange will organize a funding round in a year. Initially, Sequoia Capital supported the trading platform by investing funds in the company.
In August, CoinDCX organized the funding round, which was led by B Capital, and became the first Indian crypto unicorn.
A16z is one of the largest venture funds globally with over $19.2 billion in AUM across multiple funds. The company has already invested in several major US startups like Airbnb, Affirm and Lyft.
CoinSwitch Kuber has been growing aggressively since the crypto bull run. The exchange has also experienced a growth of retail investors on its platform.
Since April, the user base of this Indian crypto exchange has been growing and reached 10 million.
Presently, CoinSwitch Kuber is India’s largest crypto exchange and is being followed by Binance-owned WazirX, whose userbase is more than 7.5 million.
In 2017, Ashish Singhal, Govind Soni and Vimal Sagar Tiwari founded CoinSwitch Kuber as a global aggregator of crypto exchanges. Later in June 2020, the company introduced its India-exclusive crypto platform. Since then, the user sign-up on the platform has increased by 1800 percent.
Currently, the crypto industry has been facing continuous policy and regulatory flux, globally, and amid this CoinSwitch has organized its fundraising event.
According to an unknown source has recently said, “What’s interesting ( the funding) is the huge investor bullishness despite the policy uncertainty.”
During an interview, in April, Singhal told that the majority user base of CoinSwitch Kuber belongs to the age group of 18-25.
In the recent time period, several international investors have shown interest in investing in the Indian crypto exchanges.