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Andreessen Horowitz will make more India investments after Coinswitch Kuber

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Mumbai: CoinSwitch Kuber, a cryptocurrency exchange, is Andreessen Horowitz’s first investment in India, and the first of many to come, if tweets by the general partners of the Silicon Valley-based venture capital fund are to be believed.

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

“CoinSwitch Kuber is emerging as the winner in the market. They’ve grown from 1 million users in November 2020 to 5 million in May 2021 to 10 million in September 2021,” George said on the microblogging site. “But more important, their product velocity for their users is world class… We believe they’re going to build a massive, leading investment platform for people in India to access crypto and more!”

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

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Andreessen Horowitz is entering India when the local startup and technology sector is breaking records in terms of fund inflows. According to Venture Intelligence data, as on September 30, Indian startups had raised a record $24.3 billion since the beginning of 2021. Thirty-one unicorns, privately held companies valued at $1 billion or more, have been minted so far this year.

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

A16z crypto has more than $3 billion in AUMs across three funds investing in crypto companies.

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