Indian crypto exchange CoinSwitch Kuber is in developed stages of talks to raise a brand new financing round at up to $2 billion in valuation, several sources conversant in the matter told TechCrunch.
If the talks materialize in a deal, CoinSwitch Kuber will turn into the 2d crypto startup in the arena’s 2d greatest internet market to attain the unicorn status.
The four-year-dilapidated startup, which counts Tiger International, Sequoia Capital India, and Ribbit Capital among its existing investors, turned into once valued at over $500 million valuation in its Series B financing round in April this year.
It’s unclear who’s positioning to lead the round. The company has engaged intently with Andreessen Horowitz and Coinbase in latest weeks, several folks privy to those discussions told TechCrunch.
A deal might maybe also finalize within this month, sources stated. The size of the deal, according to one provide, is over $100 million. Ordinary caveats apply: phrases of the proposed deal might maybe also exchange or the talks might maybe also now not consequence in a deal.
The startup declined to comment. Coinbase and A16z, which has yet to attend any Indian startup, did not acknowledge to a query for comment Monday. Tiger International and Sequoia Capital India did not acknowledge to a query for comment ultimate week.
The investment talks near at a time when CoinSwitch Kuber has practically doubled its userbase in latest months — whilst local authorities push attend against crypto resources. Its eponymous app had over 7 million month-to-month energetic users in India ultimate month, up from about 4 million in April this year, according to cell insight platform App Annie (data of which an industry exec shared with TechCrunch).
B Capital backed CoinDCX, a rival of CoinSwitch Kuber that has gathered 3.5 million users, ultimate month in a $90 million round that valued CoinDCX at about $1.1 billion.
Policymakers in India bask in been debating on the status of digital currencies in the South Asian market for several years. India’s central financial institution, Reserve Financial institution of India, has expressed concerns about private virtual currencies though it is planning to urge trial applications of its first digital currency as rapidly as December.
More than two dozen Indian startups bask in turn into a unicorn this year, up from 11 ultimate year, as several excessive-profile investors, including Tiger International, SoftBank and Falcon Edge, bask in increased the tempo of their investments in the South Asian market. TechCrunch reported ultimate week that Tiger International is engaging with Apna to fund a brand new round that values the 21-month-dilapidated Indian company at over $1 billion.