CoinSwitch, crypto unicorn, completed its first-ever ESOP buyback worth $2.5 million (Rs 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, it said in a statement.
In September 2021, CoinSwitch raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) to become India's most valued Crypto Unicorn at a valuation of $1.9 billion. Other investors include Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm. CoinSwitch is a16z's first investment in an Indian startup and Tiger Global's first investment in an Indian crypto company.
"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," said Ashish Singhal, Co-founder and CEO, CoinSwitch.
The company is on a mission to simplify Crypto and provide a safe and trusted platform for users to make informed decisions — to 'make money equal for all'. Between January 2021 and January 2022, the registered user base grew from a little more than 1 million to 15 million, making CoinSwitch the largest Crypto app in India.
The company now plans to provide on its platform other asset classes and financial products to be the wealth-tech destination for every Indian.