CoinSwitch completes maiden ESOP buyback worth $2.5 mn

economictimes.indiatimes.com:

Crypto trading platform CoinSwitch has completed its ESOP buyback worth $2.5 million (about Rs 19 crore) within 20 months of operations in India. This is the first-ever ESOP buyback by India's largest crypto unicorn. In less than two years, CoinSwitch has grown from 20 to 500 employees as it expanded its wealth-tech offering to build one of India's first Web3 teams. The company attributes this rapid growth to buoyancy in digital assets. The company now aims to become a wealth-tech major, onboarding into other asset classes and financial products.

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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 included 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, said Ashish Singhal, Co-founder and CEO, CoinSwitch. «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,» he added. Between January 2021 and 2022, the registered user base grew from a little more than 1 million to 15 million, making CoinSwitch the largest Crypto app in India. Founded in 2017, the global aggregator of crypto exchanges allows users to choose from over 90 cryptos, including Bitcoin, Ethereum, and