Twitter-rival Koo has raised $30 million (about Rs 218 crore) in Series B funding, led by Tiger Global with present buyers additionally collaborating in the newest spherical. Existing buyers Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator additionally took half in 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 better accountability and scrutiny for social media firms, together with Twitter and Facebook. Koo has near 60 lakh customers, making it a serious social media middleman below the new tips. Koo, final week, stated it has complied with the necessities of the new guidelines and its privateness coverage, phrases of use and neighborhood tips now replicate the modifications. “Koo, India’s personal microblogging app, has raised USD 30 million in Series B funding,” it said in a statement on Wednesday, adding that Tiger Global led the investment round.
The fresh round of funding would be used mainly to strengthen engineering, product and community efforts across all Indian languages at Koo. Aprameya Radhakrishna, Co-Founder and CEO of Koo said, 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 proper 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 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.
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