Crypto unicorn CoinSwitch on March 21 announced the completion of its first-ever ESOP buyback worth Rs 19 crore within 20 months of operating in India.
Earlier in September 2021, CoinSwitch raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) to become India's valued Crypto Unicorn at a valuation of $1.9 billion. Apart from the above, CoinSwitch's investors include Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm.
Also, CoinSwitch is Tiger Global's first investment in an Indian crypto company.
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"The Equity Buyback program is a small effort to acknowledge our employees' contribution to the phenomenal growth of CoinSwitch. Over 15 million users trust CoinSwitch in their investment journey, making us the largest Crypto app.
"We meet and exceed our targets in India because of the amazing team and shall continue to launch similar liquidity events as part of our commitment to creating wealth for all," CoinSwitch's CEO and Co-founder Ashish Singhal said in a statement.
The firm aims to simplify Crypto and provide a safe and trusted platform for users to make informed decisions. Its registered user base grew from a little more than 1 million to 15 million within a period between January 2021 and January 2022.
CoinSwitch now plans to provide on its platform other asset classes and financial products to be the wealth-tech destination for every Indian.
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