Amid Tussle Between Twitter And Indian Govt., Koo Gets Funding Worth 218 crores

by Shatakshi Gupta
Koo app receives funding worth Rs. 218 crores

In India, Twitter’s rival Koo has raised US $30 million (about Rs 218 crore) through Series B funding under the leadership of Tiger Global. Koo said in a statement that the current round of financing was also attended by its existing investors Kalaari Capital, Accel Partners, Blume Ventures and Dream Incubator. If we talk about new investors, IIFL and Mirae Assets have emerged as new investors.

Co-Founder and CEO 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.”

Interestingly, the investment has come at a time when the social media companies like Twitter and Facebook are at loggerheads with the Government over new IT regulations in the country, which has increased the accountability of these social media giants.

 In February this year, Koo had raised $4.1 million in Series A funding from Accel, Kalaari Capital, Blume Ventures, Dream Incubators. The company has raised around $10 million in total finance from different financial segments.

Also read: Koo App: Indigenous Replacement Of Twitter; Govt. Backed

App has over 6 million users

Koo has been created by Aprameya Radhakrishna along with Mayank Bhardwaj. App’s popularity soared after the promotion for expanding the ecosystem of home-grown digital platforms. Besides, this has seen a massive rise after several union ministers and government departments endorsed the local microblogging platform.

Koo has the feature to communicate in Hindi, Telugu, Bangla and other Indian languages. Koo has around 6 million users. Koo said last week that it had implemented the new IT rules and its privacy policy, terms of use and community guidelines are now in line with the new rules. Koo said earlier this month that it would double its workforce over the next one year.

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