Andreessen Horowitz, known as a16z, one of the world’s most important venture funds, is heading a $100-200 million investment in Coinswitch Kuber, a four-fold increase from its previous round.
Andreessen Horowitz, one of the world’s most powerful venture capital firms, is in advanced talks to support Indian cryptocurrency exchange Coinswitch Kuber, its first bet on an Indian internet startup amid a record fundraising boom.
According to these insiders, a16z is leading a $100-200 million investment in Coinswitch Kuber, valuing the company at $2 billion, a four-fold increase from its previous round of $500 million in April.
Manish Singh, one of the reporter and author in Techcrunch confirmed the news and tweeted a post regarding the fund raiser.
Tiger Global Management, Sequoia Capital India, and Ribbit Capital, among Coinswitch’s existing investors, are also bullish on the exchange, which just surpassed 10 million customers.
ABOUT COINSWITCH KUBER
It launched Kuber, an India-focused crypto investment platform with 4.5 million members, in June 2020. The corporation generates around $50 million in annual revenue.
The negotiations were initially reported by they Techcrunch. Coinswitch, a global aggregator of cryptocurrency exchanges, was launched in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari.
Former Netscape pioneer Marc Andreessen and software executive Ben Horowitz created A16z, which has been one of the world’s most aggressive investors in technology in general and cryptocurrency in particular.
It has been investing in cryptocurrency since 2013, when it was still a relatively unknown asset class.
Since then, it has raised several dedicated crypto funds, the most recent of which being a $2.2 billion crypto fund in June of this year.
The 11-year-old a16z, which was an early investor in Facebook, Pinterest, and Lyft, among other companies, now oversees over $18 billion in assets.
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IMAGE CREDITS: Economic times, tadviser