Indian crypto trade CoinSwitch Kuber is in superior phases of talks to lift a brand new financing spherical at as much as $2 billion in valuation, a number of sources conversant in the matter advised TechCrunch.
If the talks materialize in a deal, CoinSwitch Kuber will grow to be the second crypto startup on this planet’s second largest web market to achieve the unicorn standing.
The four-year-old startup, which counts Tiger International, Sequoia Capital India, and Ribbit Capital amongst its current traders, was valued at over $500 million valuation in its Series B financing spherical in April this 12 months.
It’s unclear who’s positioning to guide the spherical. The agency has engaged intently with Andreessen Horowitz and Coinbase in current weeks, a number of folks conscious of these discussions advised TechCrunch.
A deal could finalize inside this month, sources mentioned. The dimensions of the deal, in line with one supply, is over $100 million. Normal caveats apply: phrases of the proposed deal could change or the talks could not lead to a deal.
The startup declined to remark. Coinbase and A16z, which has but to again any Indian startup, didn’t reply to a request for remark Monday. Tiger International and Sequoia Capital India didn’t reply to a request for remark final week.
The funding talks come at a time when CoinSwitch Kuber has nearly doubled its userbase in current months — whilst native authorities push again towards crypto property. Its eponymous app had over 7 million month-to-month energetic customers in India final month, up from about 4 million in April this 12 months, in line with cellular perception platform App Annie (knowledge of which an trade exec shared with TechCrunch).
B Capital backed CoinSwitch Kuber’s rival CoinDCX final month in a $90 million spherical that valued the Indian startup at about $1.1 billion. CoinDCX reported 3.5 million customers final month.
Policymakers in India have been debating on the standing of digital currencies within the South Asian marketplace for several years. India’s central financial institution, Reserve Financial institution of India, has expressed considerations about personal digital currencies although it’s planning to run trial programs of its first digital currency as quickly as December.
Greater than two dozen Indian startups have grow to be a unicorn this 12 months, up from 11 final 12 months, as a number of high-profile traders, together with Tiger International, SoftBank and Falcon Edge, have elevated the tempo of their investments within the South Asian market. TechCrunch reported final week that Tiger International is engaging with Apna to fund a brand new spherical that values the 21-month-old Indian agency at over $1 billion.