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Crypto and digital asset companies · subsidiary of PeepalCo · India

CoinSwitch Kuber

coinswitch.co ↗

India-based app letting retail users buy, sell, and hold crypto in rupees.

Losing its protection
Assessed 26 July 2026 · Evidence as of 26 July 2026
The structural protection is eroding.
On the recordSince 26 July 2026 · Checkable from Feb 2027 · Every call on the record Checkpoint: Union Budget crypto tax review (30% gains tax, 1% TDS) next comes up for revision
The call

Revenue has fallen for three straight years with no new funding since 2021, while Coinbase now operates in India with an AI-agent trading layer already live.

CoinSwitch Kuber lets Indians buy and sell Bitcoin and other cryptocurrencies, handling the paperwork and taxes. It is not hard to copy because any company can register with India's financial watchdog and set up the same basic service, which is why Coinbase, a much larger American exchange, just entered India in 2025 with AI tools that make trading easier and more automatic. The one thing that could save CoinSwitch is if it shifts away from just being an exchange and becomes a wealth management platform before Coinbase's newer AI trading features pull away all the young, active traders.

Why
01
AI pressure: Coinbase for Agents. Coinbase's AI-agent execution layer went live in June 2026, giving Indian traders automated trading tools CoinSwitch has not shipped. Could AI do the core job? Only partly.
02
Bigger players: Coinbase. Coinbase cleared India's regulatory barrier in March 2025 and now competes directly with far more capital and an AI-native product. Could a giant copy it? Probably.
03
What protects it. FIU registration, INR banking rails, and built-in tax reporting still make onboarding easier here than for a foreign entrant, though CoinDCX has the same tools.
What would change this call
Coinbase India user and volume figures reported within 12 months. Would show whether Coinbase is actually pulling Indian retail traders from CoinSwitch.
CoinSwitch parent PeepalCo FY25 revenue and funding filings. Would show whether the revenue collapse continues or a new raise resets its finances.
Any CoinSwitch AI-trading feature launch versus Coinbase for Agents. Would show whether CoinSwitch can close the product gap with Coinbase.
Key numbers
  • FY23 revenue fell 81.7% to Rs 45.6 Cr (2024-03-31)
  • FY23 net loss hit Rs 385 Cr (2024-03-31)
  • Parent PeepalCo FY24 revenue down 46% to Rs 38 Cr (2025-03-31)
Named risks
  • Revenue collapsed 81.7% from FY22 to FY23 with no reversal confirmed since. Severity: high
  • No new funding round since October 2021 despite prolonged multi-year losses. Severity: high
  • Well-capitalized foreign entrants like Coinbase now shipping AI-native trading tools. Severity: medium
  • India's 30% capital gains and 1% TDS tax regime structurally caps trading volumes. Severity: medium
  • Peer exchanges CoinDCX and WazirX suffered major hacks, raising sector security risk. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
CoinDCXgaining onIndia's largest exchange, 51,333 Cr rupees FY25 volume per its Dec 2025 annual report
WazirXcontestingLitigation over 45.38 Cr rupee bank guarantees, Bombay HC ruled Oct 2025
Coinbaselosing toRegistered India's FIU March 2025, launched AI trading agent tool June 2026
BinancecontestingForced out in Dec 2023 crackdown, now seeking Indian re-entry per market report
Questions people ask
Is CoinSwitch profitable in 2026?
No. CoinSwitch's entity-level FY24 net loss was 196.3 Cr rupees per Inc42 (May 2026), and parent PeepalCo's FY25 net loss more than doubled to 37.6 million dollars as reported by Inc42 in November 2025, showing continued unprofitability.
Has CoinSwitch had layoffs?
Yes. CoinSwitch cut 44 employees, about 7 to 8% of staff, from its customer support team in August 2023, dropping headcount to roughly 519. As of a May 2026 Inc42 snapshot, headcount stood at approximately 439 employees.
Who is CoinSwitch's biggest competitor?
CoinDCX is India's largest crypto exchange, reporting 51,333 crore rupees in FY25 trading volume per its own December 2025 annual report. Coinbase also re-entered India after registering with the FIU in March 2025, adding fresh foreign pressure.
Could AI replace CoinSwitch's trading platform?
AI agents pose a real threat: Coinbase launched 'Coinbase for Agents,' letting AI assistants execute trades, in June 2026, targeting the same retail execution layer CoinSwitch serves. As of mid-2026, CoinSwitch has not shipped a comparable AI-native trading feature.
Is CoinSwitch financially stable enough to join as an employee?
Caution is warranted. CoinSwitch's revenue fell from 248.6 crore rupees in FY22 to 45.6 crore rupees in FY23, an 81.7% drop per Entrackr, and the company has raised no new funding since its 260 million dollar Series C round in October 2021.
Who owns CoinSwitch?
CoinSwitch is privately held, founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, and backed by investors including Andreessen Horowitz, Coinbase Ventures, Sequoia India, Tiger Global, Ribbit Capital and Paradigm, last valued at 1.9 billion dollars in October 2021 per Coindesk.
Timeline
  • 2026-06-12Coinbase launches Coinbase for Agents AI trading tool, targeting retail execution layer
  • 2025-12-18CoinSwitch reports 93.23% YoY rise in institutional trading participation
  • 2025-11-07Parent PeepalCo FY25 net loss more than doubles to $37.6M per Inc42
  • 2025-10-24WazirX relaunches after 2024 hack, returning about 85% of frozen funds
  • 2025-10-11Bombay High Court upholds CoinSwitch's claim to 45.38 Cr bank guarantees vs WazirX
  • 2025-03-31Coinbase registers with India's FIU-IND, clearing path for India re-entry
  • 2024-11-07Parent PeepalCo FY24 revenue falls to 38 Cr, loss narrows 65% to 151.4 Cr
  • 2023-08-29CoinSwitch lays off 44 support staff, headcount drops to about 519
  • 2021-10-06CoinSwitch raises $260M Series C at $1.9B valuation from a16z, Coinbase Ventures
  • 2020-06CoinSwitch Kuber launches in India as exclusive product of global CoinSwitch
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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