CoinSwitch grew from a crypto price aggregation project into one of India's leading digital asset platforms.
Discover how CoinSwitch founders Ashish Singhal, Govind Soni and Vimal Sagar Tiwari transformed a hackathon project into India’s second crypto unicorn and expanded it into a broader wealthtech platform.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Ashish Singhal, Govind Soni, Vimal Sagar Tiwari |
| Education | Ashish Singhal, Govind Soni – Computer Engineering, Netaji Subhas Institute of Technology, Delhi |
| Prior Ventures | Ashish Singhal – Software Engineer, Amazon and Microsoft |
| Role | Co-Founder and CEO, CoinSwitch; Group CEO, PeepalCo |
| Founded | 2017 |
| Sector | Crypto Exchange |
Introduction
CoinSwitch began not as a company but as a hackathon project, when three engineers got frustrated trying to find the best crypto prices across scattered exchanges. Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari turned that frustration into CoinSwitch in 2017, initially building a global price aggregator before pivoting toward Indian retail investors. (OrangeOwl; Blueprint Diaries) Today, the company operates as CoinSwitch under the broader PeepalCo umbrella, serving over 19 million registered users. (TheKredible)
The CoinSwitch Story
Before founding CoinSwitch, Singhal worked as a software engineer at Amazon, where he built scalable systems, while also winning several blockchain hackathons alongside his co-founders. (OrangeOwl) Soni and Tiwari brought complementary engineering strengths, and together the trio designed a hack that discovered the most effective crypto price across multiple exchanges. (Entrepreneur India)
That early aggregator evolved into CoinSwitch Kuber, a consumer-facing app designed to make crypto investing as simple as ordering food online. (Forbes India) The timing proved fortunate: the pandemic-era surge in retail investing helped CoinSwitch Kuber grow rapidly, and India’s crypto market expanded by more than 600% between mid-2020 and mid-2021. (StartupTalky)
As a result, CoinSwitch became India’s second crypto unicorn in October 2021, following a $260 million Series C round that valued the company at $1.9 billion. (CoinDesk via Axios) Following the 2022 crypto downturn, however, Singhal restructured the business under a new holding entity, PeepalCo, to expand beyond crypto into broader wealthtech products such as Lemonn, a stock investing platform. (Inc42)
Business Model
CoinSwitch generates revenue primarily through transaction-based fees rather than subscriptions:
| Revenue Stream | How It Works |
|---|---|
| Trading fees | Charged on crypto buy, sell, and swap transactions |
| SIP and investment products | Fees on systematic investment plans and index products like CRE8 |
| Pro trading platform | Advanced tools for high-frequency and institutional-style traders |
| Non-operating income | Interest income and gains on digital asset holdings |
(Sourced from The Head and Tale)
Funding History
| Round | Year | Amount | Key Investors |
|---|---|---|---|
| Seed | 2018 | $1.5 million | Peak XV Partners (Sequoia India), angel investors |
| Series A | Jan 2021 | $15 million | Ribbit Capital, Sequoia Capital India |
| Series B | Apr 2021 | $30 million | Tiger Global Management |
| Series C | Oct 2021 | $260 million | Andreessen Horowitz, Coinbase Ventures, Ribbit Capital, Tiger Global, Paradigm |
(Sourced from TechCrunch and TexA)
Overall, CoinSwitch has raised over $300 million to date, reaching a valuation of $1.91 billion after its October 2021 Series C round, making it India’s second crypto unicorn. (Tracxn)
Revenue and Growth
| Metric | FY24 | FY25 |
|---|---|---|
| Revenue from Operations | ₹40.8 crore | ₹129.5 crore (up 219%) |
| Net Loss | ₹160.3 crore | ₹333.1 crore (up 108%) |
(Sourced from Inc42)
Notably, part of the FY25 loss stemmed from the WazirX security breach, in which CoinSwitch absorbed a financial hit tied to user assets caught up in the incident and subsequently pursued legal action to recover the funds. (Inc42)
CoinSwitch vs Competitors
CoinSwitch competes with CoinDCX, WazirX, and ZebPay in India’s crypto exchange market, along with global platforms like Binance and Kraken. (Tracxn) Unlike some rivals, CoinSwitch has diversified beyond crypto through its PeepalCo umbrella, adding stock investing via Lemonn to broaden its revenue base.
Key Takeaways
- Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari founded CoinSwitch in 2017, starting as a crypto price aggregator.
- The company became India’s second crypto unicorn in 2021 at a $1.9 billion valuation, backed by Andreessen Horowitz and Tiger Global.
- CoinSwitch has raised over $300 million and now operates under the PeepalCo holding structure.
- FY25 revenue grew 219% to ₹129.5 crore, though losses more than doubled to ₹333.1 crore, partly due to the WazirX breach fallout.
- The company competes with CoinDCX, WazirX, and ZebPay in India’s crypto exchange space.
FAQs
Who founded CoinSwitch?
Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari founded CoinSwitch in 2017.
What is PeepalCo?
It’s the holding company Singhal launched in 2023 to house CoinSwitch and other fintech products like Lemonn.
How much funding has CoinSwitch raised?
Over $300 million, reaching a $1.91 billion valuation in 2021.
Who are CoinSwitch’s competitors?
CoinDCX, WazirX, and ZebPay in India’s crypto exchange market.
© The Founder Nation | Written by TFN Research Desk
