CoinSwitch Kuber, an Indian cryptocurrency investment platform, has gained $25 million (Rs 181 crore) in a Series B round of funding from Tiger Global Management, at a valuation of over $500 million.

This symbols the New York-based Tiger Global’s first investment in an Indian cryptocurrency company. This also makes CoinSwitch the highest-funded cryptocurrency player in India. It sets CoinSwitch on the growing trajectory of global cryptocurrency platforms like Coinbase and Binance in the Indian market.

“This is a monumental time for the crypto industry in India and globally, as institutional adoption, as well as retail adoption for this asset class, is increasing exponentially,” stated Ashish Singhal, chief executive officer (CEO) and co-founder, CoinSwitch Kuber. “We are thrilled to have Tiger Global Management, the most prolific backers of the Indian start-up story, as investors and mentors in our journey. This investment round brings us at par with some of the most sought-after cryptocurrency companies in the world.”

The crypto company stated it has seen exceptional growth and momentum in less than a year of operations in India. In January 2021, CoinSwitch Kuber raised $15 million in Series A funding from leading global fintech and crypto investor Ribbit Capital, San-Francisco based crypto-focused investment firm, Para¬digm and Sequoia Capital India.