Recently, Twitter’s domestic rival Koo has raised funds of around $ 30 million (which is about ₹ 218 crore). The biggest contribution to this funding has been from Tiger Global.
In a statement, Koo said existing investors Accel Partners, Kalaari Capital, Bloom Ventures and Dream Incubator also participated in the round. IIFL and Mirae Assets are the other new investors who have come on the cap table with this round.
In particular, funding comes amidst the new IT intermediary rules taking effect, greater accountability for social media companies including Twitter and Facebook and turning them into investigations. Ku has around 6 million users, making it a major social media mediator under the new guidelines.
Koo said last week that it had complied with the requirements of the new rules and that its privacy policy, terms of use and community guidelines now reflect changes. “Koo, India’s own microblogging app has raised $ 30 million in Series B funding,” Tiger Global led the investment round, said in a statement on Wednesday.
Koo Co-Founder and CEO Apramaya Radhakrishna said, “We have aggressive plans to grow into one of the largest social media platforms in the world over the next few years. Every Indian is encouraging us to be there soon.”
Koo was founded by serial entrepreneur Apmeya Radhakrishna, founder of TaxiForSure, and Mayank Bidavatka, who previously founded companies such as MediaAnt and Goodbox. Its popularity has peaked amid a clarion call for expanding the ecosystem of domestic digital platforms.
Koo has seen a huge increase in its user base over the past few months after Union ministers and government departments backed the domestic microblogging platform following a dispute with Twitter.