BENGALURU: Home-grown micro blogging site, Koo said on Wednesday that it has landed a fresh $30 million funding in a Series C round led by US investment fir, Tiger Global with existing investors Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator also participating in the round. IIFL and Mirae Assets are other new investors who have come on board the cap table with this round, the company said in a statement.
In March this year, the Twitter lookalike platform raised an undisclosed amount from the former Indian Cricketer Javagal Srinath, BookMyShow Founder Ashish Hemrajani, Udaan Co-Founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy and Zerodha Founder Nikhil Kamat have participated in the round to buy out shares of Chinese investor, Shunwei Capital which had a 9% stake in the Koo’s parent firm.
“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 realize this dream,” Aprameya Radhakrishna, Co-Founder and CEO of Koo, said in a statement.
The fresh round of funding will be utilized mainly to strengthen engineering, product and community efforts across all Indian languages at Koo, he added.
Koo is the only social media platform which earlier announced that it has adhered with the social media regulations proposed by the Indian government aimed to act against fake news and unverified users. The big players including Facebook, WhatsApp, Twitter are yet to comply with the new rules.
While Facebook said in a statement that it is actively engaging with the Indian government and sought more time for adherence, its subsidiary Whatsapp has moved the Delhi High Court against the government over the regulations.
The micro-blogging site said that it has garnered nearly 6 million downloads in just a year of operations.
The platform boasts of the presence of Bollywood actors biggies Anupam Kher, Kangana Ranaut, Union ministers Ravi Shankar Prasad, Piyush Goyal and Smriti Irani and sports celebrities including Saina Nehwal, Bhaichung Bhutia, Javagal Srinath, Mary Kom on its platform