Microblogging App Koo raises $ 30 million from Tiger Global & Others
Twitter competitor Koo has raised USD 30 million (approximately Rs 218 crore) in Series B funding led by Tiger Global, with existing investors also participating. Existing investors Accel Partners, Kalaari Capital, Blume Ventures, and Dream Incubator also participated in the round, according to Koo.
Other new investors who have joined the cap table with this round include IIFL and Mirae Assets.
Notably, the fund raising comes as new IT intermediary rules go into effect, implying increased accountability and scrutiny for social media companies such as Twitter and Facebook. Koo has nearly 60 lakh users, making it a significant social media intermediary under the new rules.
Koo, last week, said it has complied with the requirements of the new rules and its privacy policy, terms of use and community guidelines now reflect the changes.
“Koo, India’s own 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 new round of funding will be used primarily to strengthen Koo's engineering, product, and community efforts in all Indian languages. 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."
Aprameya Radhakrishna, founder of TaxiForSure, and Mayank Bidawatka, who previously founded companies such as MediaAnt and Goodbox, founded Koo. Its popularity peaked in the midst of resounding calls to expand the ecosystem of homegrown digital platforms.
Following a spat with Twitter, union ministers and government departments endorsed the homegrown microblogging platform Koo, which has seen a massive increase in its user base in recent months.
Koo (also known as Koo App) is a social networking and microblogging service based in Bangalore. Aprameya Radhakrishna and Mayank Bidawatka created the app, formerly known as Ku Koo Ku, in March 2020. In August 2020, it won the Government of India's Aatmanirbhar App Innovation Challenge.
Other new investors who have joined the cap table with this round include IIFL and Mirae Assets.
Notably, the fund raising comes as new IT intermediary rules go into effect, implying increased accountability and scrutiny for social media companies such as Twitter and Facebook. Koo has nearly 60 lakh users, making it a significant social media intermediary under the new rules.
Koo, last week, said it has complied with the requirements of the new rules and its privacy policy, terms of use and community guidelines now reflect the changes.
“Koo, India’s own 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 new round of funding will be used primarily to strengthen Koo's engineering, product, and community efforts in all Indian languages. 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."
Aprameya Radhakrishna, founder of TaxiForSure, and Mayank Bidawatka, who previously founded companies such as MediaAnt and Goodbox, founded Koo. Its popularity peaked in the midst of resounding calls to expand the ecosystem of homegrown digital platforms.
Following a spat with Twitter, union ministers and government departments endorsed the homegrown microblogging platform Koo, which has seen a massive increase in its user base in recent months.
Koo (also known as Koo App) is a social networking and microblogging service based in Bangalore. Aprameya Radhakrishna and Mayank Bidawatka created the app, formerly known as Ku Koo Ku, in March 2020. In August 2020, it won the Government of India's Aatmanirbhar App Innovation Challenge.
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