CoinSwitch Completes Maiden ESOP Buyback Within 20 Months Of India Launch 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

By Shrabona Ghosh

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CoinSwitch completed its first-ever ESOP buyback worth $2.5 million within 20 months of operating in India. The company is growing at a rapid clip as India explores and adopts digital assets and is committed to sharing the benefits and creating wealth for its employees.

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) to become ICrypto 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 now plans to provide on its platform other asset classes and financial products to be the wealth-tech destination for every Indian.

Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar, CoinSwitch is a crypto unicorn with 15 million registered users. Today, users can choose from over 90 cryptos, including Bitcoin, Ethereum, and Solana. The company started its India operations in June 2020 to make Crypto trading easy and simple for users.

Shrabona Ghosh

Senior Correspondent

I write on corporates and lead a project called 'Corporate Innovations', wherein I cover large enterprises across technology, auto, FMCG and avaition. I engage in CEO dialogues and run my podcast series: The Big Bosses. You can reach out to me at gshrabona@entrepreneurindia.com

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