Mainstream VCs warm up to crypto investments in India

Pratik Bhakta

192 reads

Pratik Bhakta

192 reads

Despite regulatory uncertainty in India’s crypto sector, more venture capital firms are now looking to back domestic crypto startups. The latest is Peter Thiel’s Valar Capital, which is in talks to invest in Vauld

July 27, 2021

4 MINS READ

Crypto startups with operations in India, a regulatory grey zone for the sector, finally have the attention of mainstream venture capital funds.

So far, only CoinSwitch Kuber, a Bengalugu-based cryptocurrency exchange platform, had been able to secure mainstream investors such as Tiger Global, Sequoia Capital and Ribbit Capital. (Tiger invested $25 million in CoinSwitch in April.)

Now Vauld, founded by Indian entrepreneurs Darshan Bathija and Sanju Sony Kurian and headquartered in Singapore, is in advanced talks with Peter Thiel’s Valar Ventures for a $20 million series B funding, according to two sources.

Crypto startups in India have typically relied on crypto-focused global funds or the venture funds of global crypto exchanges for growth capital. Two of India’s biggest crypto exchanges, CoinDCX and WazirX, are respectively backed by Coinbase and Binance, which are among the world’s largest crypto platforms.

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