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Collin Furtado · · 1 min readTwitter’s rival in India raises $30m in Tiger Global-led round
“Homegrown microblogging platform Koo, pegged as an Indian alternative to Twitter, has raised US$30 million from new investors at 5x its previous valuation,” reported Economic Times.
Details:
- US-based investment firm Tiger Global led the funding round with the participation of new investors: IIFL’s venture capital fund and South Korea’s Mirae Asset Management. Existing investors including Accel, Blume Ventures, and 3one4 Capital also joined.
- Koo will use the fresh funds to hire more staff, invest in technology, work further on its product, and protect its systems from cyber attacks.
Context:
- With this new round of funding, the startup’s valuation has now risen to over US$100 million. Currently, the Koo app has 4.7 million monthly active users and 600,000 daily active users.
- This development comes at a time when social media platforms Twitter, Facebook, WhatsApp, and Instagram are facing pressure from the Indian government for not complying with its new IT rules.
Editing by September Grace Mahino
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