The round is led by leading global fintech and crypto investor Ribbit Capital, and San-Francisco based crypto focused investment firm, Paradigm.
The company will use the funds to enhance product, security, compliance and tech capabilities, and build a brand with a view to be the leading cryptocurrency investment platform for Indian users.
The round also saw participation from the company’s existing investor Sequoia Capital India and prominent angel investor CRED’s Kunal Shah.
CoinSwitch was founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari and as a global aggregator of cryptocurrency exchanges.
The company launched its India exclusive crypto platform, CoinSwitch Kuber in June 2020 and has over one million users. It expects to have 10 million users on the platform in the next one year.
“We aim to double down on the Indian market, and are targeting a ten times growth in our user base by the end of the year. To this end, we will invest in product and technology and also run a slew of awareness initiatives to educate investors about the potential of crypto as an emerging asset class,” Ashish Singhal, CEO and cofounder, CoinSwitch Kuber, said.