Kutumb raises $26 Mn Series A round from Tiger Global
Bharat-focused social community enabler Kutumb has raised $26 million from Tiger Global in one of the largest Series A rounds for any Indian startup.
The board of Kutumb has confirmed the allotment of 2,919 Series A preference shares at an issue price of Rs 657,140.76 per share to raise Rs 192 crore or $26 million, regulatory filings reveal.
Tiger Global has invested $18.5 million followed by Quiet Capital which has put in a little over $3 million. Rocketship VC, Nirman Investments, AL Trust, and others including angel investor Sujeet Kumar have invested the remaining amount in the recent round.
With the latest funding, Kutumb has marked its entry into the top five list of largest Series A rounds ever raised by Indian startups. Ola Electric, Ananth Narayanan-led Mensa Brands, fintech startup FamPay and home interior design startup Design Cafe are leading Kutumb with $58 million, $50 million, $38 million, and $29 million raised respectively in their Series A rounds.
Kutumb’s $26 million Series A will replace CRED in the top five list which had raised $25 million in its Series A round.
Kutumb has also passed a separate resolution to create its ESOP Pool of 1,400 options.
Following the allotment of shares, the stakes of co-founders –Mohit Sharma, Naveen Dewangan, and Vipul Allawadhi — have been reduced to 53.8% from 63.81% in the last round closed in December 2020.
The company was a part of the fourth cohort of Sequoia’s accelerator program Surge and counts Kunal Bahl, Rohit Bansal, and Whiteboard Capital as its early backers. Currently, the company has no direct competition. However, there are several early-stage companies like Localliti that are ready to explore the community-driven social media space.
The size of opportunity and investors’ interest in the segment seems to be the chief inspiration for new startups in this segment.
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