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PE-backed CoinSwitch Kuber gets 10 million users to become largest in India

By Vinu Lal

11:20, 9 September 2021

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Photo: Shutterstock

India’s cryptocurrency exchange CoinSwitch Kuber’s registered users passed the 10-million mark this week, the company said in a press statement. It claims that this user base has helped it emerge as the country’s largest platform for the digital currency.

The company, headquartered in the southern city of Bengaluru, has touched the user base in 15 months since starting in June 2020, it added.

Private Equity investors

CoinSwitch Kuber is backed by private equity firms Tiger Global, Ribbit Capital, Sequoia Capital and Paradigm Capital.

Active users

Out of this, seven million are active users with a monthly transaction volume of INR151.38bn ($20.5bn). The platform is witnessing high volumes from the millennial and GenZ population, with almost 75% of its user base being in the ages of 18 and 35 and the average age being 24. 

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“In 2020, the crypto industry witnessed a whopping 200-300% month-on-month growth, in spite of the raging pandemic. We launched CoinSwitch Kuber in India during the lockdown in June, and boarded over one million users in just six months. The journey from one million to 10 million has taken us just 9 months,” CoinSwitch Kuber Co-founder and Chief Executive Ashish Singhal said.

Technology

“We want to bring the revolutionary technology of crypto and blockchain to billions in our nation,” he added.

More than 55% of users on the platform are from Tier-II and III cities, and the remaining from Tier-I cities. The company is also aiming to make crypto investments as easy as ordering food online, it added.

Read More: Revenues of Indian engineering and capital goods firms rise

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