Coinswitch Company Overview and Financials

Coinswitch is a leading cryptocurrency exchange platform that has gained significant attention in the market. Founded in 2018, it has established itself as a reliable and user-friendly platform for buying, selling, and trading cryptocurrencies.

The company is headquartered in Singapore, with a strong presence in the Asia-Pacific region. It has a large user base and offers a wide range of cryptocurrencies, including Bitcoin, Ethereum, and many others.

Coinswitch has a strong focus on security, with robust measures in place to protect user funds and personal data. This includes advanced encryption and secure storage solutions.

In terms of financials, Coinswitch has reported significant revenue growth in recent years, with a total revenue of $10 million in 2020.

For more insights, see: List of Cryptocurrencies by Market Capitalization

Coinswitch has been involved in a lawsuit against WazirX, another crypto exchange, over its failure to return funds lost during a cyberattack. The breach affected around 45% of WazirX's total assets and involved a serious security flaw in one of its multi-sig wallets.

In July 2024, Coinswitch filed the lawsuit after WazirX lost $230 million in the attack. This incident led to WazirX suspending all withdrawals and cryptocurrency trading on its platform.

Coinswitch also launched a 600 Cr Rs. recovery programme in January 2025 to aid WazirX users affected by the cyberattack.

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In July 2024, Coinswitch filed a lawsuit against WazirX over its failure to return funds lost during a cyberattack.

The cyberattack resulted in a significant loss of $230 million for WazirX, which is roughly 45% of its total assets.

WazirX's multi-sig wallets had a serious security flaw that allowed the breach to occur, leading to the suspension of all withdrawals and cryptocurrency trading on its platform.

In January 2025, CoinSwitch launched a 600 Cr Rs. recovery programme to aid WazirX users affected by the cyberattack.

In July 2022, CoinSwitch received a notice from the Enforcement Directorate (ED) in association with the Foreign Exchange Management Act (FEMA) investigation.

CoinSwitch and other cryptocurrency firms like CoinDCX were reportedly being investigated for potential offenses related to foreign currencies.

CoinSwitch mentioned that it has received notifications from the ED and is ready to comply with them, as per reports dated July 12, 2022.

CoinSwitch has raised a total funding of $302M over 4 rounds. Its first funding round was on March 23, 2018.

The company's latest funding round was a Series C round on October 6, 2021, for $260M, led by a16z, ventures.coinbase.com, Ribbit Capital, Tiger Global Management, and Paradigm. This round valued CoinSwitch at $1.91B.

CoinSwitch's funding rounds are as follows:

CoinSwitch has a total of 10 institutional investors, including Tiger Global Management, Ribbit Capital, and Paradigm. Ramakant Sharma and four others are also angel investors in CoinSwitch.

CoinSwitch has some serious competition in the crypto exchange market. Gemini, a platform offering crypto exchange solutions, is the top competitor, having raised $424M in funding from investors like Sierra Ventures and Baird Capital.

Gemini is followed closely by FTX, an online platform for trading in cryptocurrency, which has secured $1.73B in funding from investors such as New Enterprise Associates and IVP.

CoinSwitch's main rivals also include Blockchain, a UK-based app-based platform for exchange and trading solutions for cryptocurrency, and PDAX, a Philippine online exchange platform for cryptocurrencies.

Curious to learn more? Check out: Initial Exchange Offering

Some of CoinSwitch's other notable competitors include Bit2Me, a Spanish online platform for crypto exchange, and Bitstamp, a London-based app-based platform for cryptocurrency exchange.

Here are the top 10 competitors of CoinSwitch, according to the company's own data:

Additionally, CoinSwitch Kuber's top competitors include Coinbase, WazirX, and CoinDCX, according to the company's own data.

Coinswitch is a popular cryptocurrency exchange platform that has gained significant traction in the market. It was founded in 2018 by Rohith Naravaneni and Harry Liu.

The platform offers a wide range of cryptocurrencies, with over 200 trading pairs available. Coinswitch's user-friendly interface makes it easy for both beginners and experienced traders to navigate and execute trades.

Coinswitch's business model is built around providing a seamless and secure trading experience, with a focus on customer satisfaction.

For more insights, see: Meme Coin Trading

CoinSwitch operates in the B2C space, specifically in the FinTech and Blockchain Technology market segments. This means they cater to individual customers, not businesses.

Their primary business model is centered around cryptocurrencies, which is a key area of focus for CoinSwitch.

Here are the specific market segments where CoinSwitch operates:

ESOPs are a great way for companies to retain top talent and share equity with employees. CoinSwitch Kuber is a prime example of this, having recorded their first-ever ESOP buyback programme on March 21, 2022, worth $2.5 million.

This buyback round was funded by both internal and external sources, showcasing the company's commitment to its employees.

CoinSwitch Kuber's Pro platform is a game-changer for cryptocurrency enthusiasts and traders.

It was launched on November 22, 2023, marking a significant advancement in the cryptocurrency realm.

This cutting-edge platform provides users with a comprehensive view of multiple tokens across various exchanges, empowering them to make informed decisions by comparing prices and selecting the most suitable options.

What sets CoinSwitch Pro apart is its seamless functionality, allowing users to effortlessly trade crypto assets in INR across a multitude of exchanges, all through a single login.

This streamlining of the trading process enhances the user experience and signifies a pivotal step towards greater accessibility and user-friendliness within the cryptocurrency realm.

The platform charges a variable transaction fee, depending on the crypto exchange used.

CoinSwitch Pro is designed to serve various users and exchangers, offering flexibility and convenience.

It's worth noting that CoinSwitch Kuber didn't charge users for its services, unlike other crypto exchanges, which usually charge transaction fees from the users.

CoinSwitch Kuber has seen tremendous growth in India, with over 15 million users and a monthly active user count of over 7 million. More than half of these users are under the age of 25.

The company has handled a significant amount of transactions, with $5 billion in transactions in the last 11 months. This growth can be attributed to the simplified UX of the app and the decision to not provide certain trading features.

CoinSwitch Kuber's financials paint a different picture, however. The company reported a loss of Rs 513 crore in FY22 and a loss of Rs 385 crore in FY23.

CoinSwitch has a significant amount of funding to its name, with a total of $302M raised across 4 rounds.

The first funding round was on March 23, 2018, marking the beginning of CoinSwitch's journey to financial success.

Let's take a look at the details of CoinSwitch's funding rounds:

This funding has helped CoinSwitch grow into a unicorn startup, with a valuation of over $1.9 billion.

CoinSwitch Kuber's financials paint a picture of a company still in the growth phase. The company reported a loss of Rs 513 crore in FY22.

The operating revenue for FY22 was Rs 249 crore, a significant increase from FY23's Rs 46 crore. This suggests that the company's revenue is still growing, but at a slower pace.

Here's a breakdown of CoinSwitch Kuber's financials over the past two years:

As you can see, the company's expenses have decreased from FY22 to FY23, but the loss has also decreased by Rs 128 crore. This indicates that the company is making efforts to reduce its expenses and become profitable.

Despite the losses, CoinSwitch Kuber's user base is growing rapidly, with over 15 million users in India and a monthly active user count of over 7 million.

CoinSwitch Kuber has partnered with NDTV to provide comprehensive and best-in-class cryptocurrency programming.

This collaboration aims to bridge the gap between trustworthy information and accurate knowledge about cryptocurrencies, which is essential as they become more mainstream.

NDTV will create unique crypto destinations on its websites, including gadgets360.com, ndtvprofit.com, and ndtvindia.in, as part of this partnership.

A refreshing show on NDTV 24X7 and NDTV India will also be featured every other weekend, further expanding the reach of this collaboration.

NDTV has partnered with CoinSwitch Kuber to provide comprehensive and best-in-class cryptocurrency programming. This collaboration aims to bridge the gap between trustworthy and accurate information and the growing interest in cryptocurrency.

In August 2021, NDTV and CoinSwitch Kuber established a strategic collaboration to create unique crypto destinations on gadgets360.com, ndtvprofit.com, and ndtvindia.in. This partnership includes a refreshing show on NDTV 24X7 and NDTV India every other weekend.

The partnership is a significant step in providing users with access to relevant information about cryptocurrency. CoinSwitch Kuber's Co-Founder & Chief Executive Officer, Ashish Singhal, said, "Crypto has seen exponential growth over the last decade, and the sentiment is only getting stronger."

NDTV's credibility and CoinSwitch Kuber's subject expertise will help bridge the gap between trustworthy information and the growing interest in cryptocurrency. This collaboration aims to provide users with the latest cryptocurrency news and trends.

With the partnership, CoinSwitch Kuber will be able to reach a broader audience through NDTV's digital and on-air platforms. Suparna Singh, Head - NDTV Convergence, said, "All of us at NDTV are excited about this terrific new partnership with CoinSwitch Kuber."

NDTV is a pioneer in India's news television and digital journalism, with over 30 years of dedicated and innovative programming. The network is proud of its work impacting the real world and using its powerful reach to campaign for and with the people of India.

CoinSwitch Kuber has partnered with Startup Karnataka for the Blockchain Hackathon. This initiative aims to recognize blockchain-based solutions and bring them to citizens across the country to dissolve everyday problems.

Additional reading: Smart Contract Blockchain

The hackathon is called Building Future Cities and is an initiative of Startup Karnataka, supported by Tejasvi Surya, Bengaluru South MP. Sequoia India will also be backing this event.

CoinSwitch Kuber has gained attention from investors with its concept and performance, receiving funding from several notable investors, including Tiger Global Management, Sequoia Capital, and Andreessen Horowitz.

CoinSwitch has taken a significant step in supporting the growth of Web3 startups through the Web3 Discovery Fund. This fund aims to invest in and incubate up to 100 Indian startups.

The fund has already received an initial corpus of $10 million and is looking to raise more funds from marquee investor partners.

Reports Related to Content and Partnerships have shown that collaborations between brands and influencers can drive up to 30% more engagement on social media. This is because influencers often have highly engaged and targeted audiences that align with the brand's values and products.

A study found that 70% of marketers believe that content marketing is more effective than paid advertising. This is likely due to the fact that content marketing allows brands to build trust and credibility with their audience over time.

According to a survey, 80% of consumers have reported making a purchase based on a recommendation from a friend or family member. This highlights the importance of partnerships and collaborations in driving sales and revenue.

Influencer marketing budgets have increased by 20% in the past year, with many brands allocating more resources to content and partnerships. This is likely due to the growing demand for high-quality, engaging content that resonates with audiences.

Coinswitch is a Singapore-based cryptocurrency exchange platform. It was founded in 2018.

Coinswitch offers a wide range of cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin.

The platform is designed to be user-friendly, making it accessible to both beginners and experienced traders.

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

The three founders brought a wealth of experience and expertise to the table, which helped shape the company into what it is today.

Vimal Sagar Tiwari is one of the key individuals behind CoinSwitch Kuber, and his contributions to the company's success are undeniable.

The team is a crucial part of any company's success, and CoinSwitch Kuber is no exception.

CoinSwitch Kuber's logo is not mentioned in the article, but we do know that their tagline is "Buy, Sell, Trade." This tagline is straightforward and tells us exactly what the company offers.

The company has also launched a new campaign with the catchphrase "Trade Kar, Befikar." This new slogan suggests that using CoinSwitch Kuber is a worry-free experience.

CoinSwitch Kuber has faced some challenges in its journey. The app has over 120 employees and 4.5 million users, but it initially didn't support UPI payments.

Despite these issues, the company has made progress in resolving problems, such as temporarily blocking INR deposits due to issues with its banking partner. INR deposits are now enabled.

The company's main challenge in India is educating people about cryptocurrencies and the ecosystem.

CoinSwitch Kuber has faced several challenges, including a UI and UX design that, while clean, doesn't support UPI payments.

The app has over 4.5 million users, but a temporary issue with their banking partner led to a halt in INR deposits in April 2021.

Fortunately, the issue was resolved, and INR deposits are now enabled.

Cryptocurrency is a complex area in India, and there are many fears and doubts surrounding it.

Ashish believes the company's main challenge is educating people in India about cryptocurrencies and the ecosystem.

CoinSwitch Kuber had to drop its lending feature idea due to issues with the SEC.

The company is still working to make the lending and stakes feature possible, and they're collaborating with regulators to gain their confidence.

As a result of the lack of defined regulations, CoinSwitch Kuber had to temporarily pause crypto withdrawals.

Looking ahead, CoinSwitch Kuber has ambitious plans to build a cryptocurrency investment platform by June 2024. This platform is specifically designed for retail investors.

The goal of this platform is to democratize access to digital asset trading, making it easier for users to navigate investments with confidence. It will provide user-centric technology to support this mission.

Through this platform, users will have the tools they need to make informed investment decisions. This will be a game-changer for retail investors looking to get involved in cryptocurrency trading.

Layoffs can be a challenging and painful process for both the company and the employees involved. CoinSwitch, a cryptocurrency trading platform, recently underwent a strategic restructuring initiative, resulting in the reduction of its workforce by 8%.

This decision led to the layoff of approximately 44 employees from various departments. The majority of the affected employees were stationed in the customer support team.

The company's total workforce now stands at 519 employees, as per their LinkedIn profile.