Twitter rival Koo in discussions to raise funds

koo funding

Koo App is in conversations with investors to raise funding and expects to seal a deal in the following three to four months, Koo Co-founder Aprameya Radhakrishna said.

Koo, which has witnessed a huge rise in user base in India over the past few months, is planning at raising “more than what was raised in the last round”.

In February 2021, Koo announced it had raised $4.1 million in Series A funding from Accel, Kalaari Capital, Blume Ventures, Dream Incubator, and 3one4 Capital. To date, it has raised around $10 million in total funding over multiple tranches.

“We raised some money in January and we are in talks with folks who are quite interested to invest money. Talks are on, we will see what works out,” Radhakrishna told PTI.

Koo, which has nearly 60 lakh users on its platform, observes significant room for growth and is investing in developing its infrastructure and increasing its headcount.

“Koo is a social media platform, which needs to be built over the next decade or so. We will have stages of raising money and different amounts at different stages based on our performance,” Radhakrishna said.

Koo had revealed its new logo on Thursday. The new logo is a repetition of the yellow bird but with a fresh new look.

India continues to be a significant market for Internet companies like Facebook, WhatsApp, and Twitter with its massive population base and increasing internet adoption. The country is the world’s second-largest telecom market and the largest consumer of data.

Over the past many months, there have been sharp proposals for expanding the ecosystem of domestic digital platforms.

koo funding

Homegrown social media platform ShareChat had raised $502 million last month led by Lightspeed Venture Partners and Tiger Global, valuing it at over $2.1 billion. Twitter had also participated in the funding along with Snap Inc and India Quotient among others.

The pandemic has given a significant lift to digital platforms with a huge rise in consumers opting for e-services. This is also encouraging greater investor interest in these businesses.

It is always a proud moment to see homegrown brands competing with international rivals. Koo is an amazing digital platform and is making the country proud. As the company’s user base is growing exponentially, it definitely seems to have huge growth prospects. My best wishes to the entire team of Koo.

Shishir Gupta, Founder and CEO, StatupLanes

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