A16z in talks to back CoinSwitch Kuber in first India investment – TechCrunch

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The A16z is approaching its first investment in a startup in India, the world’s second largest internet market, producing over 20 dozen unicorns this year.

The Menlo Park-based company is in the final stages of a conversation to invest in Indian crypto trading startup CoinSwitch Kuber, three sources familiar with the matter told TechCrunch. The proposed deal values ​​the Bangalore-based company at $ 1.9 billion, two sources said. Coinbase is also investing in a new round, according to one source.

CoinSwitch Kuber was worth more than $ 500 million in the April round of this year. Raised $ 25 Million from Tiger Global.. Once the deal with A16z is successful, it will be CoinSwitch Kuber’s third round of funding this year.

TechCrunch Reported last week CoinSwitch Kuber was in talks to raise Series C funding at a valuation of up to $ 2 billion. A report that did not identify major investors states that Indian startups have been involved with Andreessen Horowitz and Coinbase in recent weeks.

Normal warnings apply. The terms of the proposed transaction may change, or the transaction may not be completed due to negotiations.author report Details about trading on Wednesday.

The startup declined to comment. Coinbase and A16z, as well as existing investors Tiger Global and Sequoia Capital India, did not respond to requests for comment.

Investment negotiations take place when CoinSwitch Kuber has more than doubled its user base in recent months, despite local government opposition to crypto assets. The app, which bears its name, had more than 10 million users in India last month, up from about 4 million in April this year, the startup said in a weekend newspaper ad.

With millions of millennials in South Asian countries embarking on an investment journey, a few cryptocurrency startups in India have shown rapid growth in recent years, with very low CAC. Several funds have recently launched, including funds with a strong presence in India, such as Accel, Lightspeed, WEH and Kalaari. Working on their treatise to help crypto startups, TechCrunch previously reported.

Last month, B Capital helped CoinSwitch Kuber’s rival, CoinDCX, which attracted 3.5 million users in a $ 90 million round, which valued CoinDCX at about $ 1.1 billion.

Indian policymakers have been discussing the status of digital currencies in the South Asian market. A few years.. The Reserve Bank of India, the central bank of India, Run the first digital currency trial program It will be December.

Approximately 27 Indian startups have become unicorns this year as prominent investors such as Tiger Global and Coatue and Andreessen Horowitz’s global peers have accelerated the pace of investment in the South Asian market.Apna announced on Thursday that it had Raise $ 100 Million in a Round Leaded by Tiger Global With a valuation of $ 1.1 billion, it has become the youngest Indian company to win the unicorn status.

Grown, an investment app for millennials, is in talks to raise a new round of funding. Valuing it for $ 3 billion, TechCrunch reported Wednesday. The startup has recently signed a deal with Coatue, according to the report.

A16z in talks to back CoinSwitch Kuber in first India investment – TechCrunch Source link A16z in talks to back CoinSwitch Kuber in first India investment – TechCrunch

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