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India-based crypto exchange platform, CoinSwitch (Earlier known as CoinSwitch Kuber) has completed its first-ever ESOP buyback worth $2.5 million (INR 19 crore approx.) within 20 months of operating in India.
In less than two years, CoinSwitch has grown from 20 to 500 employees as it expands its wealth-tech offering and builds one of India’s first Web3 teams.
In September 2021, CoinSwitch raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) at a valuation of $1.9 billion. Other investors include Tiger Global, Sequoia Capital, Ribbit Capital, and Paradigm.
Speaking on the development, Ashish Singhal, Co-founder & CEO, CoinSwitch said, “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.”