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India's biggest crypto unicorn CoinSwitch on Monday said it has completed its first-ever employee stock ownership plan (Esop) buyback worth $2.5 million or approximately 19 crore.

The startup has completed 20 months in India after launching operations in June 2020. As per CoinSwitch, in less than two years, it has grown from 20 to 500 employees as it expands wealth-tech offering and builds one of India's first Web3 teams.

"The equity buyback program is a small effort to acknowledge our employees' contribution to the phenomenal growth of CoinSwitch. We meet and exceed our targets in India because of the amazing team and shall continue to launch similar liquidity events as part of our commitment to creating wealth for all," said Ashish Singhal, co-founder and chief executive officer, CoinSwitch.

In September 2021, CoinSwitch had raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) to become India's most valued crypto unicorn at a valuation of $1.9 billion. Other investors included Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm. CoinSwitch is a16z's first investment in an Indian startup and Tiger Global's first investment in an Indian crypto company.

Thanks to the surging crypto prices over the past two years, between January 2021 and January 2022, the registered user base of CoinSwitch grew from a little more than one million to 15 million, making it the largest crypto exchange in India.

The company now plans to provide on its platform other asset classes and financial products to be the wealth-tech destination for every Indian.

Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of crypto exchanges, CoinSwitch is India's largest and most valued crypto unicorn with 15 million registered users. Today, users can choose from over 90 crypto assets, including bitcoin, ethereum, and solana on the platform.

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