Twitter-rival Koo has raised USD 30 million (about Rs 218 crore) in Series B funding, led by Tiger Global with current buyers additionally collaborating within the newest spherical.
Existing buyers Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator additionally took half within the spherical, Koo stated in a press release. IIFL and Mirae Assets are different new buyers who’ve come on board the cap desk with this spherical, it added.
Notably, the fund elevating comes amid new IT middleman guidelines taking impact, translating into higher accountability and scrutiny for social media firms, together with Twitter and Facebook. Koo has near 60 lakh customers, making it a significant social media middleman below the brand new pointers.
Koo, final week, stated it has complied with the necessities of the brand new guidelines and its privateness coverage, phrases of use and group pointers now mirror the adjustments.
“Koo, India’s own microblogging app, has raised USD 30 million in Series B funding,” it stated in a press release on Wednesday, including that Tiger Global led the funding spherical.
The recent spherical of funding could be used primarily to strengthen engineering, product and group efforts throughout all Indian languages at Koo.
Aprameya Radhakrishna, Co-Founder and CEO of Koo stated, “We have aggressive plans to grow into one of the world’s largest social media platforms in the next few years. Every Indian is cheering for us to get there soon”.
Tiger Global is the precise associate to have on board to understand this dream, Radhakrishna added.
Koo was based by serial entrepreneurs Aprameya Radhakrishna, founding father of TaxiForSure and Mayank Bidawatka who beforehand based firms like MediaAnt and Goodbox. Its reputation peaked amid clarion requires increasing the ecosystem of homegrown digital platforms.
Koo has seen an enormous progress in its consumer base over the previous few months after union ministers and authorities departments endorsed the homegrown microblogging platform, following a spat with Twitter.
