Koo bags $30 million fund in Series B round, valuation jumps to $150 million
By MYBRANDBOOK
The home-grown social media app – Koo which the rival company of Twitter has received a fund of 30 million dollars in its Series B funding round. The round was led by one of the top investors Tiger Global, having existing investors Accel Partners, Kalaari Capital, Blume Ventures, and Dream Incubator also participated. Tu new investors also added in the list IIFL and More Assets.
With the new funding round the value of the company stands at 150 million dollars.
Meanwhile the co-founder and the chief executive officer of Koo, Aprameya RadhaKrishna 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 right partner to have on board to realise this dream”.
The reports suggest that the funding came into action when Twitter is locked in a dispute with the Indian government for its new policies and various issues.
Prior to this investment, in March silicon valley investors Naval Ravikant and Balaji Srinivasan also invested in Koo.
The CEO further added- “The fresh round of funding will be utilized mainly to strengthen engineering, product, and community efforts across all Indian languages at Koo,” Radhakrishna added.
At present, the platform has 6 million users out of which 1 million were added in April 2021. The company was established in March 2020 and the microblogging platform observed tremendous traction over the last few months.
Right after the Twitter issue with the Indian government, Koo got quite popular among the audience base. Several Union Ministers Ravi Shankar Prasad, and Prakash Javedkar have also joined the platform.
One of the investors commented and said, “There is space for a neutral or right-leaning social media network. People want to sometimes have simple interactions within their circles and echo chambers. Koo can provide that. And the founders have shown the ability to build, so investors will always be interested”.
Other Prominent individuals who also participated in the funding round are former Indian Cricketer Javagal Srinath, BookMyShow Founder Ashish Hemarajani, Udaan Co-founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy, and Zerodha Founder Nikhil Kamath.
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