New Delhi: Twitter-rival Koo has raised $30 million (about Rs 218 crore) in Series B funding, led by Tiger Global with present traders additionally taking part within the newest spherical.
Existing traders Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator additionally took half within the spherical, Koo stated in an announcement. IIFL and Mirae Assets are different new traders 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 better accountability and scrutiny for social media corporations, 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 replicate the modifications.
“Koo, India’s own microblogging app, has raised USD 30 million in Series B funding,” it stated in an announcement on Wednesday, including that Tiger Global led the funding spherical.
The contemporary 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 develop into one of many world’s largest social media platforms within the subsequent few years. Every Indian is cheering for us to get there quickly”.
Tiger Global is the best 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 corporations like MediaAnt and Goodbox. Its recognition peaked amid clarion requires increasing the ecosystem of homegrown digital platforms.
Koo has seen a large 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.
