News Update
Coinswitch Kuber raises $260 million
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ByManjeet Singh | October 7, 2021
Despite concerns over crypto currency regulation, Coinswitch Kuber said it has raised USD 260 million (around Rs 1,943 crore) in a fundraising round that values it at USD 1.9 billion. The company becomes the second crypto exchange to achieve unicorn status after rival Coindcx.
In addition to Coinbase Ventures and Andreessen Horowitz (a16z), Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global also participated in the fundraising.
Venture capital firm ‘a16z’ supports entrepreneurs building the future through technology, while Coinbase operates one of the world’s largest crypto exchanges and is one of the early pioneers of creating a crypto economy, according to a statement.
In the past, the RBI has repeatedly expressed its deep concerns about private cryptocurrencies like Bitcoins and has communicated those concerns to the government. High volatility of the instruments, inadequate supply transparency, etc. are the major concerns. Coinswitch plans to use these funds to make cryptocurrency a household name in India and hopes to on board 50 million people.
In addition to hiring leaders and experts, the investment will be spent on hiring new asset classes, onboarding institutional clients, building an ecosystem fund and creating crypto awareness.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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