1947 Tech 🇮🇳: 170

a16z, fastest unicorn, and more!

Sep 21, 2021

1. A16z in talks to back CoinSwitch Kuber in first India investment

Finally, it is happening, welcome to India a16z

A16z is inching closer to making its first investment in a startup in India, the world’s second-largest internet market that has produced over two dozen unicorns this year.

The Menlo Park-headquartered firm is in final stages of conversations to invest in Indian crypto-trading startup CoinSwitch Kuber, three sources familiar with the matter told TechCrunch. The proposed deal values the Bangalore-based firm at $1.9 billion, two sources said. Coinbase is also investing in the new round, one of the sources said.

CoinSwitch Kuber was valued at over $500 million in a round in April this year when it raised $25 million from Tiger Global. If the deal with a16z materializes, it will be CoinSwitch Kuber’s third financing round this year.

A16z in talks to back CoinSwitch Kuber in first India investment

2. Tiger Global-led $100M investment makes Apna India’s fastest unicorn (22 months)

The speed at which Indian founders are moving is unreal.

A 22-month-old startup that is helping millions of blue- and gray-collar workers in India learn new skills and find jobs has become the youngest firm to join the coveted unicorn status in the world’s second-largest internet market.

Apna announced on Thursday that it has raised $100 million in a round led by Tiger Global. The new round — a Series C — valued Apna at $1.1 billion. TechCrunch reported last month that Tiger Global, an existing investor in Apna, was in talks to lead a $100 million financing round in the startup at the unicorn valuation.

Owl Ventures, Insight Partners, Sequoia Capital India, Maverick Ventures and GSV Ventures also participated in the new round, which is the third investment secured by Apna this year. Apna was valued at $570 million in its Series B round in June this year.