Koo in talks to raise funds; hopes to close a deal in 3-4 months

1 month ago 30

Twitter rival Koo is successful discussions with investors to rise backing and hopes to adjacent a woody successful the adjacent 3-4 months, Koo co-founder Aprameya Radhakrishna said.

Koo, which has implicit the past fewer months seen a monolithic surge successful idiosyncratic basal successful the country, is looking astatine raising "more than what was raised successful the past round".

In February, Koo said it had raised USD 4.1 cardinal successful bid A backing from Accel, Kalaari Capital, Blume Ventures and Dream Incubator, and 3one4 Capital. In all, it has raised astir USD 10 cardinal successful full backing done aggregate tranches.

"We raised immoderate wealth successful January and we are successful talks with folks who are rather funny to put money. Talks are on, we volition spot what works out," Radhakrishna told PTI.

He added that the institution is beauteous hopeful of closing a transaction successful the adjacent 3-4 months.

While Radhakrishna remained tight-lipped astir the magnitude of backing Koo is looking astatine raising, helium said the level would privation to rise much than what it had raised successful the erstwhile round.

"The benignant of appetite for societal media is being seen successful the VCs," helium said. Koo, which has astir 60 lakh users connected its platform, sees a batch of headroom for maturation and is investing successful expanding its infrastructure and strengthening its headcount.

"Koo is simply a societal media platform, which needs to beryllium built implicit the adjacent decennary oregon so. We volition person stages of raising wealth and antithetic amounts astatine antithetic stages based connected our performance," Radhakrishna said.

Koo had unveiled its caller logo connected Thursday. The caller logo is simply a continuation of the yellowish vertebrate but with a caller fresh look.

The societal media level - which is looking astatine importantly scaling up its idiosyncratic basal connected the platform, particularly driven by vernacular subscribers - is aiming to deed 100 cardinal downloads.

India remains a captious marketplace for Internet companies similar Facebook, WhatsApp, and Twitter with its ample colonisation basal and burgeoning Internet adoption. The state is the world's second-largest telecom marketplace and the biggest user of data.

Over the past galore months, determination person been clarion calls for expanding the ecosystem of homegrown integer platforms.

Interestingly, homegrown societal media level ShareChat had past period raised USD 502 cardinal (about Rs 3,725 crore) successful backing led by Lightspeed Venture Partners and Tiger Global, valuing the homegrown societal media level astatine implicit USD 2.1 billion. Twitter - an existing capitalist successful ShareChat had besides participated successful the backing on with Snap Inc (which owns photo-messaging app Snapchat) and India Quotient among others.

The pandemic has provided a large boost to integer platforms with a crisp summation successful consumers opting for e-services. This is besides driving greater capitalist involvement successful these businesses.

In the past fewer weeks, a fig of startups successful the state including Meesho, Groww, ShareChat, and Cred person raised backing and entered the Unicorn Club (companies with valuation of implicit a billion-dollar). 

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