CoinSwitch Kuber to acquire mutual fund platform Symbl

CoinSwitch Kuber is in the final discussions to acquire Symbl

The deal will be worth 35-4- Cr

Despite legal uncertainties, crypto startups in India have been able to acquire funds, and two exchanges, CoinDCX and CoinSwitch Kuber have joined the coveted club of unicorns this year. With their growing size, the two companies are considering joining the mutual and stock investing markets.

CoinSwitch Kuber has previously engaged Krishna Hegde, a former Paytm senior vice president (SVP), to oversee stock trading and mutual fund operations. The Singapore-registered corporation is now on the verge of purchasing a mutual fund platform.

CoinSwitch Kuber is in late-stage discussions to acquire mutual fund platform Symbl, according to sources. “The terms of the deal are almost finalised, and assuming nothing goes wrong at the last minute, the deal will be announced in a few weeks,” one of the people, who requested anonymity, said.  The transaction would be around Rs 35-40 crore.

By offering customised and cost-effective index investment solutions, Symbl promises to decrease the complexity of direct stock investing and the expense of fund management. In March, the startup secured Rs 5 crore in an angel round.

Symbl will be the first acquisition for CoinSwitch Kuber, which achieved unicorn status in October following a $260 million Series C funding round led by Andreessen Horowitz (a16z), Coinbase Ventures, and others. Tiger Global led a $25 million Series B financing in the startup in April.

So far in 2021, the company has raised about $300 million in three institutional rounds.

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