Startup Atlas · Cryptocurrency

CoinSwitch Unicorn

Bitcipher Labs LLP Bengaluru, Karnataka Founded 2017 coinswitch.co ↗
Ashish Singhal · Co-founder and CEO Govind Soni · Co-founder and CTO Vimal Sagar Tiwari · Co-founder and COO
$300 MnTotal funding (tracked)
3Funding rounds
6 Oct 2021Last round
500Team size (sourced)

CoinSwitch: Business Model Canvas

The nine-block Business Model Canvas, filled in only where a public source states it — empty blocks mean we haven't found a citable fact yet, not that the answer is zero.

Value Propositions

Low entry barrier

Users can begin trading in crypto with just ₹100.

source
Wide asset selection

400+ cryptocurrencies available for trading.

source
Deep liquidity via aggregation

Pools liquidity from leading crypto exchanges to offer competitive/optimal rates.

source
Regulatory trust signals

FIU registered and ISO/IEC 27001:2022 certified.

source

Customer Segments

Retail crypto traders2.5 crore+ users

General Indian retail users trading spot, futures and options in crypto, starting with as little as ₹100.

source
Advanced/professional traders

Served via CoinSwitch Pro, an advanced multi-exchange trading platform.

source
HNIs & institutional investors

Served via CoinSwitch Alpha, targeting high-net-worth individuals and institutional investors.

source

Customer Relationships

24x7 self-service help desk24x7

Offers round-the-clock priority customer support via email (support@coinswitch.co), positioned as priority support for uninterrupted trading.

source
Self-serve FAQ / help center portal

Runs a dedicated self-service support portal with a 'Self Serve' section and most-viewed help articles so users can resolve common issues without contacting an agent.

source
Automated self-service via API trading

Advanced and algorithmic traders can connect through the trading API with zero fees and priority support, giving that segment a largely automated, hands-off relationship.

source
Community & affiliate engagement2.5 crore+ users

Builds community-style relationships through an affiliate program and active presence on Twitter, Instagram, YouTube, Facebook and LinkedIn to engage its 2.5 crore+ user base.

source

Channels

Mobile app

CoinSwitch: Bitcoin Crypto App, available on Google Play, is the primary trading channel.

source
Web platform

coinswitch.co web app for spot, futures and options trading.

source

Key Activities

Regulatory compliance & AML/KYC

Two PeepalCo crypto asset service providers, Bitcipher Labs LLP and Nextgendev Solutions Pvt Ltd, are registered as reporting entities with the Financial Intelligence Unit-India (FIU-IND).

source
Wealth-tech product expansion

Restructured under umbrella brand PeepalCo in Dec 2023 as part of a pivot toward becoming a full wealth-tech platform, including plans to apply for a SEBI stockbroker license.

source

Key Resources

Core software engineering team21 people

A dedicated software engineering team (21 people per The Org's org chart) designs, builds and maintains the platform's core trading functionality serving millions of crypto investors.

source
Licensed charting technology (TradingView)

CoinSwitch Pro's advanced trading platform is built on a TradingView integration letting users trade directly on the chart with technical indicators for data-driven decisions.

source
SOC 2 Type II certified custody infrastructure

User crypto assets are held through SOC 2 Type II certified custodians that are insured and undergo regular cybersecurity testing, forming the secure-custody backbone of the platform.

source
Investor capital base$302M raised

Has raised $302M in total funding across 4 rounds since its 2018 seed round, reaching a $1.91B valuation at its October 2021 Series C -- the financial capital behind its technology, compliance and liquidity investments.

source

Key Partnerships

Aggregated crypto exchanges

Pools liquidity from leading crypto exchanges to give users optimal rates.

source

Revenue Streams

Spot/futures trading fees

Variable transaction fees charged on buy/sell/trade activity across spot and futures crypto trading.

source
Options trading feesfrom 0.015%

Crypto Options product charges trading fees starting at just 0.015%, positioned as the lowest in the industry.

source

Cost Structure

Employee benefit expenses$22.4M in FY25

CoinSwitch's parent entity PeepalCo spent $22.4 Mn (INR 198.5 Cr) on employee benefits in FY25, down 10% YoY -- its largest disclosed cost line.

source
Business promotion & marketing spend+1,963% YoY

Business promotion expenses jumped to $11.7 Mn (INR 103.6 Cr) in FY25, up roughly 20x year-on-year, a major driver of the group's widened losses.

source
IT & computer infrastructure costs$4.9M in FY25

Computer and IT expenses rose 11% to $4.9 Mn (INR 43.4 Cr) in FY25, reflecting continued platform and infrastructure investment.

source
Total costs and expenses$59.2M in FY25

Total costs and expenses across the PeepalCo group climbed 55% to $59.2 Mn (INR 524.9 Cr) in FY25, driving a $37.6 Mn net loss for the year.

source

FAQs on CoinSwitch

What is CoinSwitch's business model?

CoinSwitch's core value proposition centers on Low entry barrier, Wide asset selection, Deep liquidity via aggregation, Regulatory trust signals.

How does CoinSwitch make money?

CoinSwitch's cited revenue streams include Spot/futures trading fees, Options trading fees.

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the "source" links beside each entry. Profile sources: coinswitch.co · Last verified 7 Sep 2026. · Report a correction