Koo raises $30 mn Series B investment led by Tiger Global
Even as Indian government and Twitter are involved during a spat, the social media platform’s desi rival, Koo, seems to creating some strong moves on its financial side.
According to a handout from Koo, it’s raised $30 million serial B funding, led by Tiger Global along side existing investors Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator. IIFL and Mirae Assets are other new investors who have come on board the cap table with this round, the corporate added. Koo intends to use the fresh round of funding to strengthen engineering, product and community efforts across all Indian languages.
Koo still to form a serious mark Koo has reportedly garnered nearly 6 million downloads in its first year of operations. But generally, it’s seen as belonging to the proper Wing ecosystem in India, and also backed by the biggies within the Indian government, including Union Ministers.
It came into limelight during the last flashpoint between the govt and Twitter. But after the initial flurry of activity, Koo has not created much splash.
But this new round of funding may provides it the impetus for subsequent big leap. Aprameya Radhakrishna, Co-Founder and CEO of Koo, was quoted as saying, “We have aggressive plans to grow into one among the world’s largest social media platforms within the next few years. Every Indian is cheering for us to urge there soon.
Tiger Global is that the right partner to possess on board to understand this dream.” Meanwhile, whilst Twitter and Facebook are still to satisfy the Indian government guidelines for social media intermediaries, Koo has complied with the wants of the said law.
Koo has also implemented a due diligence and grievance redressal mechanism supported by an Indian resident Chief Compliance Officer, Nodal Officer and Grievance Officer.
