Investment
About Coinswitch
CoinSwitch, founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar, is a major Indian cryptocurrency exchange. It gained prominence after launching CoinSwitch Kuber in June 2020 for retail investors, following the Supreme Court's lifting of the RBI's banking ban. The company raised $15 million in Series A and $25 million in Series B in 2021, later securing $260 million in Series C, reaching a $1.9 billion valuation. In July 2024, following a $230 million cyberattack on rival WazirX, CoinSwitch filed a lawsuit against WazirX to recover its own trapped funds, marking a significant legal precedent in India's crypto industry. In January 2025, it launched 'CoinSwitch Cares,' a ₹600 crore (~$70 million) recovery program to help affected WazirX users recoup losses, demonstrating its leadership in crisis response. These actions highlight CoinSwitch's role in shaping India's crypto regulatory and recovery landscape.
In the past six months, CoinSwitch has made several strategic moves. It launched DigiVault, a Fireblocks-powered institutional custody platform for HNIs, family offices, and Web3 enterprises, supporting real-world asset tokenization under FIU-IND and PMLA compliance. The exchange also published its sixth Proof of Reserves report (as of March 31, 2026), showing total reserves of ₹2,360.33 crore against customer holdings of ₹1,747.25 crore, with a surplus of ₹613.08 crore and crypto coverage of 1.28x. Additionally, CoinSwitch signaled entry into India's zero-fee trading battle, following WazirX and CoinDCX, though no official pricing has been confirmed. Looking ahead, the company's roadmap focuses on expanding institutional custody services, strengthening compliance frameworks ahead of CARF rollout, and exploring sustainable revenue models beyond trading fees, such as subscription tiers and cross-selling through its PeepalCo ecosystem (including Lemonn for equities).
Ashish Singhal (Co-founder & CEO): Ex-Amazon, Microsoft, and Zynga. Founded CoinSwitch in 2017, India's largest crypto app with 20M+ users. Also founded CRUXPay.
Govind Soni (Co-founder & CTO): Ex-Amazon and Livspace. Built CoinSwitch's tech platform. Co-founded CRUXPay.
Vimal Sagar Tiwari (Co-founder & COO): Ex-Amazon and Zynga. Oversees operations and growth. CoinSwitch is backed by a16z, Sequoia, Tiger Global.