CoinSwitch

Growth Metrics

• User Growth: From 1M users in mid-2020 to 10M by late 2021, now 20M+ in early 2024.(m.economictimes.com)
• Revenue: Peaked at ~$33M in FY22, dropped to ~$6M in FY23 (–82%).(entrackr.com)
• Total Processed Volume: $25B (est.) in 2021; reduced to $2–3B in FY23.(entrackr.com)
• App Downloads: 10M+ installs on Google Play by late 2021.(techcrunch.com)
• Monthly Visits: ~400K/month on web, most traffic via app.(similarweb.com)

Exit Strategy & Liquidity Outlook

CoinSwitch's current $1.9B valuation was set in Oct 2021 during the bull cycle.(techcrunch.com) No new equity rounds have followed, suggesting preservation of valuation amidst a bear market. Three potential exit paths exist:

• IPO: Likely post-2025, contingent on market recovery and regulatory clarity.
• M&A: Could be acquired by Coinbase or another fintech/broker if India opens crypto M&A options.
• Secondaries: Partial employee/investor liquidity via ESOP buybacks or private sales.(en.wikipedia.org)

Optimistic outcome projects $4–5B valuation; worst-case could dip under $1B if no rebound occurs by 2026.

Overall Rating: B–

This rating reflects moderate strength, large opportunity, and real risks in the current regulatory and revenue environment.

Key Strengths

• Backed by a16z, Sequoia, Tiger, and Coinbase Ventures(vccircle.com)
• India's most downloaded crypto app with 20M+ registered users(m.economictimes.com)
• Deep talent pool across product, legal, engineering, and compliance
• Revenue diversification: CRE8 Index, SIP, Pro Trading Platform(entrackr.com)
• Survived 2022–23 bear market without raising down-rounds

Historical Peer Benchmarks

CoinSwitch's valuation journey can be contextualized by looking at peer fintech and crypto startups, both in India and globally. The chart below shows how some companies grew from early-stage valuations to massive IPOs or strategic exits:

Future Equity Trajectory (Based on Peers)

CoinSwitch's historical jump from ~$60M to $1.9B in 9 months was remarkable. But its next leg of growth (or decline) depends on macro recovery and internal resilience. Here's what mature peers suggest about its future path:

• 🚀 Optimistic: If crypto volumes rebound and regulations ease (e.g. 0.1% TDS), CoinSwitch could scale revenue to $50–100M. Valuation may rise to $4–5B in 2–3 years, mirroring Robinhood's 5–6× trajectory.(livemint.com)
• 📉 Pessimistic: If bearish cycles persist and user activity drops further, a down round is likely. Valuation may fall below $1B , as seen with Klarna/Stripe markdowns.
• ⚖️ Neutral: CoinSwitch stabilizes, diversifies via PeepalCo, and eventually exits at $1.5–2.5B . Investors may see flat or modest returns.(m.economictimes.com)

This makes ESOP equity value highly timing-sensitive . If joined during the downcycle, there's upside. But long-term growth hinges on regulation clarity, product expansion, and user retention.

Founders

• Ashish Singhal (CEO): Ex-Amazon engineer and Google Hashcode winner. Advocates for inclusive wealth creation and regulatory clarity in India.(in.linkedin.com)
• Govind Soni (CTO): Ex-Zynga developer. Architect of the liquidity engine and platform scaling.
• Vimal Sagar Tiwari (COO): Background in payments ops. Led onboarding and internal scaling from 20 to 500+ employees.

Investors & Round History

CoinSwitch has raised over $300 million across three major rounds, backed by the most prominent venture capitalists in the crypto and fintech world. Here's a breakdown of each stage:

Total Funding: $300M+ (as of 2021). No new funding rounds have been announced since the Series C.

Top Previous Employers

• Ramesh Bafna (ex-CFO): Myntra CFO, Wipro, Flipkart alum(vccircle.com)
• Ashish Chandra (General Counsel): Former legal head at WhatsApp India(vccircle.com)
• Engineers: From Amazon, Microsoft, Google, Paytm, Razorpay, Uber
• Product leaders: Flipkart, PhonePe, Paytm, Coinbase

Equity Outlook & Exit Potential

Depending on recovery and regulation, equity value could:

• Optimistic: Grow to $4–5B valuation (2–3× current)
• Neutral: Stay flat at $1.5–2B until clarity improves
• Pessimistic: Drop under $1B if crypto volumes stall

⚠️ Risks to Consider

• 82% drop in FY23 revenue, burn rate remains high(entrackr.com)
• Regulatory scrutiny from Enforcement Directorate (2022)(businesstoday.in)
• High 30% crypto gains tax and 1% TDS create usage friction(forkast.news)
• Volume shift to offshore/DEXs and fierce local competition
• Global crypto sentiment may impact sentiment and valuation

Office Locations

• HQ: Prestige Tech Park II, Bellandur, Bangalore(coinswitch.co)
• Other: Remote, plus Delhi & Mumbai touchpoints

Press Coverage

• Sep 13, 2023 – CoinSwitch's revenue dwindles 82% in FY23, posts INR 385 Cr loss – Entrackr
• Jan 30, 2023 – CoinSwitch becomes first crypto platform in India to reach 2 crore users – Economic Times
• Dec 18, 2023 – CoinSwitch unveils umbrella entity PeepalCo, restructures business – Moneycontrol
• Aug 27, 2022 – CoinSwitch's CEO says ED raids not related to money laundering, 'cooperating with probe' – Business Today
• Oct 6, 2021 – CoinSwitch Kuber raises $260 million to become India's most valued crypto firm – TechCrunch

Current Open Roles

As of Mar 22, 2025, CoinSwitch is hiring for the following positions: