CoinSwitch Kuber is one of those companies that got started during the COVID-19 pandemic. Unlike most of the companies that limited their operation during the pandemic, CoinSwitch Kuber claims to have a surge in crypto trading. The company processed more than $1 million in deals within just a month of launch. The user interface of the app of this company is also very friendly, which makes crypto trading feel like a breeze. It lets users trade more than 100 cryptocurrencies on its platform. So let us get into this article to read the success story of this Unicorn company.
CoinSwitch Kuber – Key Points
- Company Name – CoinSwitch Kuber
- Founding Year - 2017
- Headquarters – Bangalore, Karnataka, India
- Founders – Ashish Singhal, Vimal Sagar Tiwari, Govind Soni
- Number of employees – 120 – 150
- Valuation - $1.9 Billion
- Industry – Financial Services, Cryptocurrency, Fintech, Trading Platform
- Website – www.coinswitch.co
CoinSwitch Kuber – Founder
- Ashish Singhal – Ashish is the CEO and co-founder of Coinswitch Kuber. He holds a degree in Computer Science from Netaji Subhash Institute of Technology, Delhi. Asish worked with various companies such as Amazon, Livspace.com, Reap Benefit, etc. He is also the CEO of CRUXPay.
- Govind Soni – Govind is the CTO and co-founder of the company. He also worked with companies like Amazon and Livspace. Soni is also one of the co-founders of CRUXPay.
- Vimal Sagar Tiwari – Vimal is the COO and co-founder of Coinswitch Kuber. He completed his graduation from the Jaypee University of Information Technology and worked with companies like Accenture and Zynga. He co-founded CRYXPay with Ashish and Govind.
CoinSwitch Kuber – Brand Name, Logo, and Tagline
- Brand Name – The company’s brand name is inspired by the nature of its business. It is 100% appropriate and easy to remember as well.
- Logo – The company’s logo is simple, unique, and beautiful. It is in the classic black and blue colour that never goes out of fashion. It is perfect to leave a long-lasting impact on the mind of its customers.
- Tagline – The company’s tagline is – Buy, Sell, Trade and Tade Kar, Befikar.
CoinSwitch Kuber – Business Model
CoinSwitch Kuber claims to have around 5 million members, where more than half of them are below 25 years of age. The company claims to have handled more than $5 Billion in the last 11 months' transactions.
The company offers various facilities to its users such as trading, withdrawal, deposit, etc. for the first 100 days. After that, Coinswitch Kuber charges a fee on each transaction made through the platform.
CoinSwitch Kuber – Growth
The company has seen exponential growth since its incorporation and it is expected to grow more in the coming future. Some of the growth factors of the company are as follows:
- People from more than 200 locations in India invest in crypto through the company’s platform.
- Around 40% of their customers are from the Tier I cities, while tier II and tier III cities acquire 36% and 24% respectively.
- The average ticket size per user on this platform is 9,000 per month.
- The average age group of people investing in crypto is just 24 years and it is the first investment of around 65% of the users in any asset class (except fixed deposits and savings bank accounts).
- CoinSwitch Kuber has more than 1.5 Million active users on its platform.
- The company has handled more than $5 Billion in transactions in the last 11 months.
CoinSwitch Kuber – Funding and Investors
CoinSwitch Kuber has raised a total of funding from 4 funding rounds. Details of all the funding and investors are as follows:
- $1.5 M – Seed Round, Mar 24, 2018
- $15 M – Series A Round, Paradigm, Ribbit Capital, Jan 13, 2021
- $24.17 M – Series B Round, Tiger Global Management, Apr 22, 2021
- $260 M – Series C Round, Andreessen Horowitz, Coinbase Ventures, Oct 6, 2021
With the help of recent funding, the company achieved its Unicorn status within just 5 years of incorporation.
CoinSwitch Kuber – Competitors
CoinSwitch Kuber is one of the top players in the Indian cryptocurrency market. It still has many competitors in the market. Some of the top competitors of the company are as follows:
- Bitxoxo Bitcoins
CoinSwitch Kuber – Challenges Faced
CoinSwitch Kuber had to face various challenges in its entrepreneurial journey. Also, the laws relating to cryptocurrency trading are not very user friendly and ideal for all the traders and this is why the company also had to suffer. Some of the main challenges faced by the company are as follows:
- No UPI Payments – CoinSwitch Kuber has millions of users on its platform and it is very popular. Also, as compared to other cryptocurrency trading companies, they provide users with a clean UX and UI design. But the company has recently discovered that they do not support UPI payments.
- >Competitors – The company is thriving in its industry and it has a huge user base. It still has various strong competitors in the market and few of them are not easy to overshadow. These companies have millions of customers and they have a good revenue as well.
- Doubts and Fears – Despite having various legislations and regulations around cryptocurrency, it is still considered a murky area in India. People have their doubts and fear regarding this aspect of investment and hence a lot of people still doesn’t see the long term potential of this asset. However, CoinSwitch Kuber is taking initiative in teaching people about cryptocurrency so that they can become familiar with this concept and enter into this ecosystem without having any fear.
CoinSwitch Kuber – Future Plans
CoinSwitch Kuber has many exciting plans for the upcoming future. Some of the top plans of the company are as follows:
- India already has millions of crypto investors and the number is constantly growing. CoinSwitch Kuber is planning to get more traders onboard by the end of FY 2023.
- The company will be using the funds to increase the customer base in India.
- The company is planning to introduce more investment options for its users, along with crypto.
- They will be hiring more people in the coming FYs as the company is growing at a rapid rate.
- The company is also planning to expand its horizon outside cryptocurrency very soon.
- CoinSwitch Kuber is also focusing on increasing its revenue by the end of next FY.