CoinSwitch Kuber - Crypto Trading has Never been So Simple!

Sarika Anand Sarika Anand
Oct 10, 2021 9 min read
CoinSwitch Kuber - Crypto Trading has Never been So Simple!

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by CoinSwitch Kuber.

Indians are slowly and steadily considering Cryptocurrency as a safe mode of investment. Mostly the younger generation is taking interest in Cryptos. According to some reports, the average age of crypto investors in India is around 24 years. ย However, there are still many speculations about crypto trading and many investors are not comfortable with Crypto trading. Bangalore-based Startup CoinSwitch Kuber was formed in 2017 to make crypto trading simpler for Indian Investors.

The startup enables trading in several cryptocurrencies, including Bitcoin, Ripple, Ethereum, Litecoin, Dash, and many others, using INR. You just need to download the ย CoinSwitch Kuber iOS or android app and start trading. In this article, we are exploring more about CoinSwitch Kuber, the story behind the startup, and what the startup is offering

CoinSwitch Kuber - Company Highlights

Startup Name CoinSwitch Kuber
Also Known As Coinswitch.co
Headquarters Bangalore, Karnataka, India
Industry Financial Services, Fintech, Trading Platform, Cryptocurrency
Founders Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari
Founded 2017
Current CEO Ashish Singhal
Website www.coinswitch.co

CoinSwitch Kuber - Latest News
About CoinSwitch Kuber and How it Works?
CoinSwitch Kuber - Logo, Tagline, and Slogan
CoinSwitch Kuber - Founders
CoinSwitch Kuber - Startup Story
CoinSwitch Kuber - Mission and Vision
CoinSwitch Kuber - Partnerships
CoinSwitch Kuber - Business Model and Revenue Model
CoinSwitch Kuber - Growth
CoinSwitch Kuber - Funding and Investors
CoinSwitch Kuber - Competitors
CoinSwitch Kuber - Challenges Faced
CoinSwitch Kuber - Future Plans
CoinSwitch Kuber - FAQs

CoinSwitch Kuber - Latest News

As of October 6th, 2021, CoinSwitch Kuber became the second cryptocurrency unicorn in India. The startup received funds worth ย $260 million from Andreessen Horowitz and Coinbase Ventures, along with other investors. CoinSwitch Kuber is currently valued at $1.9 billion.

โ€œWe are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country,โ€ said David George, general partner at Andreessen Horowitz, in a statement. โ€œAshish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India.โ€

About CoinSwitch Kuber and How it Works?

CoinSwitch Kuber is a cryptocurrency trading platform that aims to simplify investing in cryptocurrencies. CoinSwitch Kuber aggregates liquidity across major Indian and global crypto exchanges. The platform's order matching engine provides the traders the best rates at the click of a button, thus making trading simpler than ever.

โ€œWe discovered that the price of crypto swings between exchanges based on supply and demand when trading in crypto ourselves. Choosing the correct exchange is crucial if you want to obtain greater profits from the market. โ€œWe created an aggregator of various exchanges that offered us real-time data on which exchange is the best to trade at any particular instant to obtain the highest return,โ€ co-founder Ashish says explaining the idea behind the startup

CoinSwitch Kuber lets users trade across ย 100+ cryptocurrencies. Users can buy cryptocurrency using a credit or debit card at competitive prices. After completing the KYC/AML processes, customers may use the pooled liquidity of India's top exchanges to receive the best rate and trade instantly. ย 

The CoinSwitch Kuber mobile app comes with a simple user interface that makes crypto trading a breeze.

CoinSwitch Kuber - Logo, Tagline, and Slogan

Company Logo of CoinSwitch Kuber
Company Logo of CoinSwitch Kuber

CoinSwitch Kuber's tagline says, "Buy, Sell, Trade."

CoinSwitch Kuber has launched a new campaign with the catchphrase "Trade Kar, Befikar."

CoinSwitch Kuber - Founders

CoinSwitch Kuber was founded by Vimal Sagar Tiwari, Govind Soni, and Ashish Singhal in 2017.

Founders of CoinSwitch Kuber
Founders of CoinSwitch Kuber

Ashish Singhal

Former Amazon employee Ashish Singhal is a computer science graduate from Delhi's Netaji Subhas Institute of Technology. Besides handling various technical roles in companies like Livspace.com and Reap Benefit, Ashish founded startups like CRUXPay (an open-source protocol for blockchain naming services) and Urban Tailor, which is the first of its kind at home tailoring services. While Urban Tailor is currently not operative, Ashish Singal is currently the CEO of CRUXPay and CoinSwitch Kuber.

Govind Soni

CoinSwitch Kuber co-founder and CTO Govind Soni was also a former Amazon and Livspace employee. Besides CoinSwitch Kuber, Govind co-founded CRUXPay along with Ashish and Vimal.

Vimal Sagar Tiwari

CoinSwitch's Co-Founder and Chief Operating Officer Vimal Sagar worked with organizations like Zynga and Accenture. He graduated from the Jaypee University of Information Technology. Vimal is also co-founder of CRUXPay.


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CoinSwitch Kuber - Startup Story

CoinSwitch Kuber was founded exactly in the middle of the coronavirus outbreak, when other firms may have reduced their operations or had to halt operations owing to the pandemic. Because traditional markets have been in upheaval as a result of COVID-19, the creators claim they have seen a surge in investment in crypto.

Ashish, Govind, and Vimal, who are all in their early thirties, have been friends for 13 years. They were also tech whizzes who competed in hackathons as a group. Almost every big hackathon in India was won by the trio, including ones organized by Sequoia, Google, Amazon, and LinkedIn. Surprisingly, CoinSwitch was inspired by a hack that the trio subsequently made public.

Within a month of launching, CoinSwitch Kuber processed over $1 million in deals, was later sponsored by Sequoia Capital. Now, every month, the firm transacts more than $300 million in trade.

CoinSwitch Kuber - Mission and Vision

The CoinSwitch Kuber team believes in financial inclusion, which means that wealth, investment, and financial education should be accessible to all people.

CoinSwitch Kuber's mission statement says, "Our Mission is to challenge the status quo. We believe that our platform democratizes cryptocurrency investment so the everyday man can make his money work for him - without a fancy degree or a boatload of money."

The company's vision is to make crypto trading simple and transparent.

CoinSwitch Kuber - Partnerships

NDTV and CoinSwitch Kuber have established a strategic collaboration to provide comprehensive and best-in-class cryptocurrency programming in August 2021. NDTV will create unique crypto destinations on gadgets360.com, ndtvprofit.com, and ndtvindia.in as part of this relationship. This bridge expansion includes a refreshing show on NDTV 24X7 and NDTV India every other weekend.

The need for trustworthy and accurate information is more important than ever as cryptocurrencies become more mainstream and more individuals begin to evaluate this asset class. With NDTV's credibility and confidence, as well as CoinSwitch Kuber's subject expertise and powerful trading platform, this collaboration aims to bridge that gap.


Which are the Safest Online Trading Apps in India 2021?
The best and safest online trading apps are Zerodha Kite, Upstox PRO, Angel Broking, Motilal Oswal, 5Paisa, Binance, WazirX, Coinbase & more.

CoinSwitch Kuber - Business Model and Revenue Model

CoinSwitch Kuber is one of just a few cryptocurrency companies currently functioning. Users may acquire shards of various major cryptocurrencies on the crypto market. On CoinSwitch, for example, a user may buy bitcoin and other currencies in tiny sachets for as little as 100 Indian rupees ($1.30). The business claims to have over 4.5 million members, with more than half of them being under the age of 25. CoinSwitch Kuber claims to have handled $5 billion in transactions in the last 11 months.

โ€œWe are not a capex intensive business, and donโ€™t need too much money. Hence, our Ebitda margins are in the range of 60-65%,โ€ reveals Singhal.

Coin Switch Kuber offers its users free trading, deposit, and withdrawal facilities for the first 100 days. After that, a fee is charged on each transaction made through the platform. As per the terms of the company, there is no fee for the transfer of digital assets to the CoinSwitch Kuber wallet, however, withdrawal of digital assets from the wallet may attract charges. The platform also charges for the transfer of fiat currency through credit/debit cards or net banking.

CoinSwitch Kuber - Growth

While customers from over 200 locations in India invest in crypto through its platform, tier I cities account for 40% of its users, while tier II (36%) and tier III (24%) make up the majority of its clientele. On CoinSwitch, the average ticket size per user is 9,000 per month, however, this varies by city. The average ticket size in tier I is Rs 11,600, compared to Rs 6,600 ย in tier II and Rs 3,500 in tier III.

What's interesting or concerning, depending on one's perspective, is that the average age of a crypto investor on CoinSwitch is 24 years, and Singhal claims that crypto is the first investment in any asset class for 65 percent of his customers outside of savings bank accounts and fixed deposits!

CoinSwitch Kuber has managed to impress the investors with its concept and performance. In addition to Tiger Global Management's $25 million investment in April 2021, Sequoia Capital, Ribbit Capital, Paradigm, Kunal Shah, creator, Cred, and others have backed CoinSwitch. ย With the recent funding received from Andreessen Horowitz and Coinbase Ventures in October 2021, CoinSwitch Kuber reached the Unicorn status with the valuation of $1.9 billion.

Singhal points out that unlike other startups they did not knock on the investors' doors.

โ€œWe did not reach out to Tiger Global for funding. They contacted us and expressed their willingness to invest in our company. Tiger doesnโ€™t invest less than $100 million but we said we just need $25 million,โ€ says Singhal.

Kuber claims to have 1.5 million monthly active users. The firm intends to expand its operations outside cryptocurrency in the future.

โ€œWe intend to expand into traditional finance, such as equities, mutual funds, exchange-traded funds, and bonds, and provide a full portfolio on our platform to retail customers,โ€ says the company.

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CoinSwitch Kuber - Funding and Investors

Date Round Amount Lead Investors
October 6, 2021 Series C $260 Million Andreessen Horowitz, Coinbase Ventures
Apr 22, 2021 Series B โ‚น1.8B Tiger Global Management
Jan 13, 2021 Series A $15M Paradigm, Ribbit Capital
Mar 24, 2018 Seed Round $1.5M -

CoinSwitch Kuber - Competitors

Unocoin, WazirX, CoinDCX, Instamojo, Glidera, ZebPay, SmartCoin, IPaxful, Bitxoxo Bitcoins, and Coinbase are the top ten competitors of CoinSwitch Kuber.

CoinSwitch Kuber - Challenges Faced

CoinSwitch Kuber employs over 120 people and has over 4.5 million users on its network. In comparison to other applications on the market, the app provides consumers with a clean UI and UX design. However, it was recently discovered that the app does not support UPI payments.

On April 21, 2021, the organization announced on all of its official social media accounts that INR deposits in the CoinSwitch Kuber App will be disabled. CoinSwitch Kuber said on Twitter that the firm has temporarily blocked all INR deposits owing to unforeseen problems with their banking partner. The issue was later resolved and now INR deposits are enabled.

Cryptocurrency is a murky area in India. Despite the legalization of crypto investments in India, there are many fears and doubts related to the topic. When it comes to difficulties, Ashish believes the company's sole issue is teaching people in India about cryptocurrencies and the ecosystem.

CoinSwitch Kuber - Future Plans

Since 2020, millions of Indians have dabbled in cryptocurrencies, and the number is growing by the day. India appears to be primed for the crypto revolution. The government is also working hard to establish a regulatory framework to ensure its seamless operation, with the recent MCA amendment being the first move in that direction.

CoinSwitch Kuber has witnessed tremendous growth, with over 10 million users already using the platform. The firm plans to use the new funds to increase its user base to 50 million in India. CoinSwitch Kuber team also plans to introduce other investment options along with crypto, in the platform.

CoinSwitch Kuber - FAQs

What does CoinSwitch Kuber do?

CoinSwitch Kuber is a crypto trading platform for individual investors that is available only in the Indian market via a mobile application. It enables trading in several cryptocurrencies, including Bitcoin, Ripple, Ethereum, Litecoin, Dash, and many others, using INR and is available as a mobile application (INR).

Is CoinSwitch Kuber an Indian company?

Yes, CoinSwitch Kuber is an Indian company.

Which companies do CoinSwitch Kuber compete with?

Unocoin, WazirX, CoinDCX, Instamojo, Glidera, ZebPay, SmartCoin, IPaxful, Bitxoxo Bitcoins, and Coinbase are the top ten competitors of CoinSwitch Kuber.

When was CoinSwitch Kuber founded?

CoinSwitch Kuber was founded in 2017.

Who founded CoinSwicth Kuber?

CoinSwitch Kuber was founded by Vimal Sagar Tiwari, Govind Soni, and Ashish Singhal in 2017.

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