Mumbai: coinswitch kuber, a cryptocurrency exchange, is Andreessen HorowitzThe first investment in India, and the first of many to come, if tweets from the general partners of the Silicon Valley-based venture capital fund are to be believed.

“We are excited to partner with CoinSwitch Kuber and Ashish Singhal (CoinSwitch Kuber CEO) with our friends at Coinbase,” David George, Andreessen Horowitz’s general partner tweeted shortly thereafter
The deal was announced on Wednesday. “The opportunity for India is huge, and we expect participation in crypto to be among the highest in the world.”

“Coinswitch is emerging as the winner in the Kuber market. They have grown from 1 million users in November 2020 to 5 million in May 2021 and 10 million in September 2021,” George said on the microblogging site. More important, their product velocity for their users is world-class… we are confident they are going to create a massive, leading investment platform for people in India to access crypto and more!”

Sriram Krishnan, General Partner, Andreessen Horowitz said, “Excited for this. First in India!” Another partner of the firm, David Haber, also chimed in, saying this was the first of many more investments for the VC fund.

Andreessen Horowitz is entering India at a time when the local startup and technology sector is breaking records in terms of fund flow. As of September 30, Indian startups had raised a record $24.3 billion since early 2021, according to data from Venture Intelligence. Thirty-one unicorns, privately minted by companies worth $1 billion or more, have been mined so far this year.

An investor in Facebook, Twitter and Airbnb, Andreessen Horowitz was founded in 2009 by Marc Andreessen and Ben Horowitz. With investments in crypto companies as well as consumer for fintech and healthcare, the fund has $19.2 billion in assets under management. many funds.

a16z crypto The three funds investing in crypto companies have more than $3 billion in AUM.