Crypto unicorn CoinSwitch Kuber has completed its first-ever buyback of employee stock ownership plan or ESOP worth about $2.5 million.
According to the company’s CEO Ashish Singhal, the round was funded through a mix of internal and external resources. Singhal also said that CoinSwitch’s user-base grew from one to 15 million between January 2021 and January 2022 and claimed that the company is the largest crypto app in the country.
The company turned a unicorn in September last year following a $260 million round from American venture capital firms Coinbase Ventures and Andreessen Horowitz.
With its maiden ESOP buyback, CoinSwitch joins a growing number of Indian unicorn startups that have announced ESOP buybacks in the past 15 months. The list include NoBroker, Cars24, LEAD, Slice, CRED, Spinny, Urban Company and Vedantu.